Germany's steel industry has signaled uncertainties in the country's industrial restructuring, warning that Berlin's budget shortfalls are putting the sector at risk. Bernhard Osburg, president of the German Steel Association and CEO of Thyssenkrupp's steel division, said on Thursday that the court case raising question marks over a planned €40 billion investment was worrying.
"Due to the massive loss of trust among suppliers in the industry and in other countries, among potential partners in the value chain, politicians must quickly figure out how this transformation can be financed reliably," Osburg told reporters, adding that it was critical to protect Germany's market leadership in the future.
In embarking on decarbonization projects, many companies were expected to act on the belief that funding would be available from the Berlin budget. However, concerns that the court ruling could affect investments have left companies and suppliers uncertain about the economic feasibility of the plans.
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