European steel industry in crisis: factories shut down, jobs disappear

High energy prices, cheap Chinese imports, and weak demand are pushing the European steel industry into a prolonged crisis. Producing steel within Europe is becoming increasingly difficult, with local companies losing ground to foreign competitors.

📍Thyssenkrupp is cutting production and plans to eliminate 4,000 jobs.

📍In Isberg, France, a plant shutdown threatens 1,200 jobs.

According to Oliver Zander, head of Gesamtmetall, Germany's metal and electrical industries could lose up to 150,000 jobs by 2026.

Since 2018, these sectors have already lost 270,000 jobs.