Germany’s economy minister urges Brussels to back support plan for heavy industry

Germany’s economy minister urges Brussels to back support plan for heavy industry

Katherina Reiche seeks state aid approval for subsidies for German energy-intensive companies

The Bosch Group also needed the exemplary commitment of its Hungarian employees to operate stably despite the industry challenges.

Germany has presented a state aid plan to Brussels to ensure that energy-intensive industries, such as steel and chemicals, remain competitive and the EU’s economic sovereignty through preferential electricity prices. The plan aims to reduce energy prices by at least five cents per kilowatt-hour to ease pressure on China, the effects of the energy crisis and the consequences of the phasing out of nuclear power. While the idea may clash with EU s…