Germany's Industrial Summit: Steel and Automotive Sectors under Scrutiny

German Chancellor Friedrich Merz announced his intention to hold pivotal meetings with executives from the steel and automotive industries. These summits, whose dates remain unannounced, aim to address rising costs and tariffs impacting these vital sectors.

Merz emphasized the urgency of bolstering Germany's economy, currently the third-largest worldwide, amidst intensifying global competition. High U.S. import duties are straining the German steel industry, and Merz is determined to preserve long-term steel production within the nation. Discussions with producers and labor representatives will focus on strategies to achieve this.

Regarding the automotive sector's challenges, Merz indicated the summit would include both automakers and parts suppliers. The latter are notably experiencing severe difficulties due to the industry's ongoing crisis, underscoring the importance of collaborative efforts to navigate current adversities.

(With inputs from agencies.)