German Economy Minister Robert Habeck has called for easing the burden on the country’s steel sector, against the backdrop of Thyssenkrupp Steel Europe’s intention to eliminate thousands of jobs in the coming years.

Thyssenkrupp Steel Europe is Germany’s largest steel company, and its majority shares are owned by the Thyssenkrupp Group.

“The company’s decision is the result of the great pressures that the steel industry has been facing for years worldwide,” Habeck said in Berlin.

Habeck, who is also Vice Chancellor Olaf Scholz, explained that there is huge excess capacity globally, and that international competition is difficult, noting that the major austerity measures at Thyssenkrupp are a result of this.

The politician from the Green Party added: “Our steel industry must be protected from interventions that are not in line with market principles and affect competition.”

Habeck said that this was why he had successfully sought, in cooperation with other EU countries, to extend the current European safeguard measures against steel imports until June 30, 2026.

A further extension of these measures beyond June 2026 is not legally possible under WTO rules, Habeck explained, saying: “We should not simply accept this. That is why we are seeking to establish subsequent regulations to protect the steel market.”

Habeck also stressed that the German government, in cooperation with the state of North Rhine-Westphalia, had shown a clear commitment to the environmentally friendly transformation of the steel industry, saying: “We stand by this commitment clearly, because it is important to ensure that steel production continues in the future.”