Steel production in germany slumped

Steel production in germany slumped

The steel hats in germany are only cooking on low heat. In april, steel production in germany fell by almost a quarter compared with the same month last year, according to the german steel federation (wirtschaftsvereinigung stahl).

At 2.6 million tons, 23.9 percent less crude steel was produced than in april 2019. That had been as little as not since june 2009. Steel producers suffered in april from the production stoppage in many car plants. Other major steel users had also cut back their production sharply due to the corona crisis. But even before the outbreak of the pandemic, steelmakers were already experiencing sales problems. In the first four months of the year, production fell by 10 percent overall.

Steel producers in the red. The troubled industry leader thyssenkrupp is again looking for partners. Due to the consequences of the corona pandemic, salzgitter AG does not intend to pay a dividend this year for the first time since the stock market collapse in 1998. In view of the crisis, the IG metall union has suggested a merger of german steel manufacturers with the participation of the state.

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