Germany's steel production remained weak in the first half of the year

Production decreased by 1.9 per cent compared to the first half of 2022, representing around 5,000 companies, the majority of which are small and medium-sized enterprises (SMEs).

SMEs are particularly affected by the economic slowdown, says WSM. "The automotive industry is slowly recovering, but its suppliers are lagging behind," says WSM economist Holger Ade in a statement.

Managing Director Christian Vietmeyer emphasises the responsibility of politicians to restore confidence among SMEs, which he says are the source of German wealth. He reiterates his call for controlling electricity prices, which are a major concern for the country's manufacturing industries.