by Chris Black
The incredible part is that there is no plan to fix any of this.
The German government has effectively said “this is just going to keep getting worse and worse.”
It’s a complete deindustrialization project, the explanation being that the leaders of Germany don’t like the leaders of Russia.
Steel production in Germany is cratering, reaching a low point last seen during the 2008 global economic crisis. Steel production dropped to 35.4 million tons in 2022, a decrease of 3.9 percent from 2021.
The hardest hit segment of steelworks was the electrical steel industry, which saw its production sink by almost 9 percent to 9.8 million tons, a figure even lower than the 2009 low. Overall, all segments of the steelworks industry in Germany saw declines.
Since the beginning of the Russian-Ukrainian war, there has seen a continuous downward trend in the German steel sector, in large part due to soaring electricity prices.
Kerstin Maria Rippel, managing director of the German Steel Federation, cited “weak demand” and “intentionally uncompetitive” electricity prices as being factors behind the crisis.