NRW boosts support for businesses within the steel industry
The steel industry is keeping a close eye on the developments at ThyssenKrupp, as the upcoming Steel Summit for North Rhine-Westphalia (NRW) is set to address the concerns of its employees who want to preserve their well-paid industrial jobs.
This summit, which is part of Germany’s broader push to implement the European Steel and Metals Action Plan (ESMAP), aims to rapidly address key challenges such as mounting import pressure, global steel overcapacity, enhancing foreign trade defense mechanisms, and implementing policies to support the competitiveness and sustainability of the steel sector.
The summit, driven by NRW’s demand and supported by other German states, will involve representatives from North Rhine-Westphalia’s state government, federal government officials, industry leaders like Kerstin Maria Rippel, managing director of the German Steel Federation (WV Stahl), trade unions, and other steel industry stakeholders.
The focus on sustainable and climate-neutral industry practices is a broader theme in NRW’s industrial summits, as seen in related sectors like aluminium.
The steel summit is a response to the partial sale of 20% of ThyssenKrupp's steel division to EP Corporate Group a.s. (EPCG), which has caused significant unrest among employees of ThyssenKrupp Steel, Hüttenwerke Krupp Mannesmann (HKM), and the steel industry as a whole. SPD politician Sonja Bongers, who plans to organize the steel summit by July 2024, has expressed concern about the move and the potential for not every investor's entry to be successful.
The purpose of the steel summit is to work out and agree on a joint path to maintain and modernize steel production, secure sites, and safeguard jobs in the state. Discussions with ThyssenKrupp AG are intended to develop a robust industrial transformation and future concept that includes HKM.
ThyssenKrupp has a strong historical connection to Oberhausen, and the steel summit seeks broad support from the democratic factions of the North Rhine-Westphalia state parliament. The long-term goal is to increase the stake to 50%.
This summit represents a strategic initiative for NRW and Germany to address critical steel industry challenges amid global market pressures and evolving environmental commitments. The steel summit aims to include Hüttenwerke Krupp Mannesmann in its discussions and is a response to the concerns expressed by SPD politician Sonja Bongers about the move and the potential for not every investor's entry to be successful.
The upcoming Steel Summit for North Rhine-Westphalia is part of Germany's broader push to implement the European Steel and Metals Action Plan (ESMAP), focusing on key challenges like mounting import pressure, global steel overcapacity, and enhancing foreign trade defense mechanisms (finance and business). Discussions with ThyssenKrupp AG are intended to develop a robust industrial transformation and future concept that includes Hüttenwerke Krupp Mannesmann, strengthening the steel industry's competitiveness and sustainability (business and finance).
