Environmental Technologies, General
German Steel Conglomerate to Receive Billions
National and regional governments in Germany will offer major steelmakers EUR 2.6 billion in state support to help them go green.
Dec 12, 2023
German Minister for Economic Affairs and Climate Action Robert Habeck announced the subsidy while visiting the steelmaking region of Saarland. He called it the “largest instance of individual assistance we have ever paid out in the history of the Federal Republic of Germany”.
EUR 780 million will come from the southwestern German regional state of Saarland with the national government supplying the balance. The money will go to Stahl-Holding-Saar (SHS), a conglomerate of the major steelmakers Saarstahl and Dillinger. It plans to invest EUR 3.5 billion to decarbonize production.
Steelmaking is one of the branches of industry that produces the most CO2. Germany is aiming to make the sector climate neutral by 2045. The German state is offering more than EUR 6 billion in support to the overall industry to achieve that goal.
