Germany’s steel industry is facing an “existential crisis”, Chancellor Friedrich Merz warned, as he signalled a shift toward greater economic self-reliance in Europe. He spoke alongside Finance Minister Lars Klingbeil following a summit at the Chancellery on Thursday, convened to find ways to secure the sector’s future.
Mr Klingbeil said that if Germany is to make significant investments in its defence industry, it should also be able to prioritise European and domestic suppliers.
“A little more ‘buy European’, a little more European patriotism — I think that would help,” he told reporters.
Chancellor Merz said he would support an EU plan aimed at protecting the bloc’s steel industry, adding that a joint Franco-German initiative could be in the works.
More than half a million people in Germany are employed in roles linked to steel production — from suppliers to customers.
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