Germany’s federal minister for economic affairs and energy, Peter Altmaier, reiterated a pledge to support the country’s steel industry in its “green” transition, according to remarks made during a press conference in Berlin on October 30.
Altmaier noted that “the German government will provide funds to help do technological innovations such as in the area of using hydrogen and making it possible to produce climate-neutral steel.”
That said, there was no mention of an intervention for ailing German steelmaker Thyssenkrupp, who’s eventual fate will likely be determined by the state government of North Rhine-Westphalia and third-party investors.
The joint meeting held by Altmaier and finance minister Olaf Scholz was largely used to comment on Germany’s third quarter 2020 GDP results released by the Federal Statistical Office, which showed gross domestic product grew 8.2pc from July to September.
Altmaier acknowledged the country faced “difficult winter months” ahead as the government enforces new restrictions and orders certain sectors to close to slow the accelerating second wave of COVID-19 infections.
Altmaier said he expects the economy to fully recover from the pandemic by 2022.