German federal government announced a comprehensive package of measures to contain the energy price crisis on 29 September. German Steel Federation W Stahl President Mr Hans Jürgen Kerkhoff said “The announced brake on energy prices, including industry, is an important step in the right direction. The steel industry and the steel-based value chains face intense international competition. They are under existential pressure due to the exploding prices for electricity and gas. Now it's all about speed and effectiveness. It is about bridging the crisis and preventing serious damage to the industrial base.”The Federal Government wants to use a 200 billion euro package financed by the Economic Stabilization Fund to alleviate the consequences of the drastically increased energy prices for business and private consumers. In addition to direct support, the planned "economic defense shield against the consequences of the Russian war of aggression" also includes an electricity and gas price brake. The federal government wants to do without the controversial gas levy. Important branches of industry would welcome the plans, but they urged that they be implemented quickly and decisively.Extrapolated for the year as a whole, the additional costs for electricity and gas in steel companies in Germany are currently around 10 billion euros compared to the beginning of the previous year. This is around a quarter of the turnover that the industry has achieved on average in recent years.
German federal government announced a comprehensive package of measures to contain the energy price crisis on 29 September. German Steel Federation W Stahl President Mr Hans Jürgen Kerkhoff said “The announced brake on energy prices, including industry, is an important step in the right direction. The steel industry and the steel-based value chains face intense international competition. They are under existential pressure due to the exploding prices for electricity and gas. Now it's all about speed and effectiveness. It is about bridging the crisis and preventing serious damage to the industrial base.”The Federal Government wants to use a 200 billion euro package financed by the Economic Stabilization Fund to alleviate the consequences of the drastically increased energy prices for business and private consumers. In addition to direct support, the planned "economic defense shield against the consequences of the Russian war of aggression" also includes an electricity and gas price brake. The federal government wants to do without the controversial gas levy. Important branches of industry would welcome the plans, but they urged that they be implemented quickly and decisively.Extrapolated for the year as a whole, the additional costs for electricity and gas in steel companies in Germany are currently around 10 billion euros compared to the beginning of the previous year. This is around a quarter of the turnover that the industry has achieved on average in recent years.
