The head of Germany’s second-largest steel producer has voiced concerns over the nation’s economic outlook, criticizing the new chancellor for insufficient action to stimulate growth. Gunnar Groebler, CEO of Salzgitter AG, took the helm in 2021 after a career in energy, stepping into a role marked by persistent industrial instability.
He continues to manage multiple pressures, including the impact of former U.S. President Donald Trump’s metals tariffs, increased competition from low-priced Asian steel flooding European markets, and soaring energy costs triggered by the war in Ukraine. Despite these challenges, Groebler is advancing plans to shift the company toward producing low-carbon steel, aligning with national and EU climate objectives.
In his assessment, the prevailing sentiment across German industry remains deeply pessimistic, a mood he expects to persist without stronger policy intervention. His comments highlight growing frustration among industrial leaders who feel that political leadership has not done enough to address structural economic headwinds.
— news from Bloomberg
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German Steel Boss Sees ‘Really Bad’ Mood Lingering Across Economy
Germany’s new chancellor isn’t doing enough to kickstart growth, says the boss of the country’s No. 2 steelmaker. n nGunnar Groebler left a career in the energy industry in 2021 to take on the challenge of running Salzgitter AG at a time of extreme turmoil. It hasn’t gotten easier. n nAs the chief executive officer of Germany’s second-largest steelmaker, he’s navigating disruption from Donald Trump’s metals tariffs, Asian dumping in Europe and a surge in energy prices following the war in Ukraine. At the same time, he’s pressing ahead with a transition to green steel to meet climate targets.