Germany approves new steel action strategy

It is reported that the German government has approved a strategy called "steel action concept" to support the development of the country's steel industry.

The main objective of the strategy is to support the German steel industry to maintain and enhance its international competitiveness and achieve climate neutrality. "Steel action concept" will create equal opportunities in the global steel market, prevent carbon leakage and realize the transition to zero carbon dioxide emission steel production. These objectives will be achieved through a clearer approach to subsidies and dumping prices as well as trade protectionism measures; optimization of the allocation of emission permits; international competitiveness of electricity, natural gas and hydrogen prices; extensive investment in energy infrastructure and the establishment of a hydrogen economy.

The new strategy is embraced by the German steel industry as it focuses on the main challenges facing the country's steel industry. The strategy also includes German government support for the investment needed for the development of the steel industry. In order to achieve the goal of carbon neutrality, German steel industry will need about 30 billion euro investment.

The German Iron and Steel Federation said challenges must be overcome in the coming months in a variety of ways, including overcoming the impact of the corona crisis, preventing a new steel import crisis, and establishing a level playing field in energy and climate policies. The federal government and the federal government's joint action on steel industry may deteriorate as soon as possible.