The steel industry in Germany, with players such as Thyssenkrupp and Salzgitter, continues to hold back on production at the start of the year.

According to the German Steel Federation, crude steel production rose by five percent in January. However, despite the slight increase, it is not possible to speak of a trend reversal, explained the association's managing director, Martin Theuringer. The year 2023 was the weakest in terms of production since the financial crisis. Production is still at a very low level. Heavy industry is struggling with high energy and raw material costs while steel prices have fallen.

(Report by Tom Käckenhoff, edited by Ralf Banser. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)