Politics
Germany Ready to Spend $6 Billion to Clean Up Steel Production
- Berlin prepared to spend maximum allowed under state aid rules
- ‘Steel is a key industry for Germany,’ Economy Minister says
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Germany will spend an additional 5 billion euros ($6 billion) to slash emissions from the steel industry as it intensifies efforts to hit increasingly stringent climate goals.
Europe’s biggest economy will spend the money to support steelmakers’ hydrogen production projects and other research programs, Economy Minister Peter Altmaier said Monday following a meeting with representatives from the German steel industry. The funds will also aid the construction of infrastructure needed to smooth the conversion to low-emission metal production.