Employers in the metal and electrical industry have warned of a possible energy and raw material embargo on Russian oil and gas.
(Photo: Reuters)
Dusseldorf The German steel industry is used to cyclical ups and downs in demand. But it rarely went up and down as quickly as in previous years. In 2021, the economic upturn brought bubbling profits to steelmakers after lockdown measures had previously been in place worldwide. Now the consequences of the Ukraine war cloud the outlook for the industry again.
The economic turmoil first hit Germany’s largest steel producer, Thyssen-Krupp. The group plans to introduce short-time work in April to avoid job cuts. On Monday, Salzgitter, the second-largest manufacturer, followed suit: After the record year 2021, the company is also expecting a positive result for the current year, the group announced when the annual figures were published.
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