00:00ThyssenKrupp's blast furnace won in the German city of Duisburg.
00:04The company produces 25,000 tons of pig iron daily, but they've just cut their annual
00:10output from 11.5 to only 9 million tons.
00:13ThyssenKrupp is also planning to cut or outsource some 11,000 jobs.
00:19Europe's steel market is being flooded with cheap imports from Asia, and it's a growing
00:26trend.
00:31According to a lobby group representing the steel business, a third of all steel used in
00:36Europe is imported from outside the EU.
00:41The world's biggest steel producers are located in Asia.
00:44In 2024, more than half of the global steel production was in China, more than a billion
00:49tons, and much of it is being exported.
00:53The business is also suffering from US tariffs on steel exports.
00:58Washington upped them to 50% last July.
01:02Another factor, the transition to green steel driven by Germany, is expensive.
01:08In Duisburg, ThyssenKrupp is building its first direct reduction plant, supported by almost
01:132 billion euros in government subsidies.
01:17On a larger scale, Germany is restructuring its entire steel industry and investing massive
01:22amounts, almost 7 billion euros so far.
01:27The government's goal?
01:28To secure the future of the steel industry and the jobs associated with it.
01:33At a dedicated steel summit, concrete measures are being discussed.
01:38Similar talks are happening across Europe, as other countries too want to help their businesses.
01:43In October, the EU Commission suggested raising its import tariffs.
01:47According to those plans, no more than 18.3 million tons would be allowed to be imported
01:52without tariffs.
01:54Anything over that limit would be taxed at 50%.
02:00The EU Commission has also pledged to work towards lowering energy prices throughout the
02:04bloc.
02:05We have to find emergency solutions.
02:11But at the same time, we need to have a medium-term approach, with a package on the grids.
02:16This will make it easier for the member states to have a long-term strategy for the energy
02:20market.
02:21We need this to make sure that energy is available and prices can come down.
02:35Still, ThyssenKrupp wants to divest and sell its steel business.
02:39Initially, everything pointed to a takeover by the Czech EP Group.
02:43However, more recently, talks have started with India's Kindle Group.
02:516-7.
02:53END
02:54END
03:04END
03:09THROUGH
03:14END
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