Germany's steel industry has been hit hard by the COVID-19 crisis, with crude steel production expected to fall by 15% this year, according to a report from the RWI Leibniz Institute for Economic Research.
The report showed that the German production will rebound by 10.9% to 37.5 million tons next year, with production capacity remaining at about 75%.
The German steel industry has shed 4,000 jobs since autumn 2019, according to the study. Employment will shrink by a further 4% next year, involving 3,000 jobs.
RWI pointed out that structural problems will be a major challenge to the German steel industry besides the epidemic. The transformation of the auto industry could lead to structural overcapacity in Germany's steel industry.
Source from Yieh Corp |
