The German steel federation Wirtschaftsvereinigung Stahl (WV Stahl) has stated that the German government’s third package of relief measures is not enough to prevent massive effects of high energy prices on the industrial foundations of the country’s economy.

According to the statement, the significant increase in natural gas and electricity prices compared to spring last year has resulted in an annual increase in the steel industry’s energy costs of more than €10 billion, threatening Germany (germany)’s international competitiveness.

WV Stahl has called for a capping of natural gas prices for 80 percent of industrial users’ natural gas consumption to a competitive level.

The federation stated that the price signals from the market would provide a sufficient incentive for the rest to limit their consumption.