Germany’s steel industry is facing an “existential crisis”, Chancellor Friedrich Merz warned, as he signalled a shift toward greater economic self-reliance in Europe. He spoke alongside Finance Minister Lars Klingbeil following a summit at the Chancellery on Thursday, convened to find ways to secure the sector’s future.
Mr Klingbeil said that if Germany is to make significant investments in its defence industry, it should also be able to prioritise European and domestic suppliers.
