Christian Vietmeyer, Managing Director of the WSM Wirtschaftsverband Stahl- und Metallverarbeitung e.V. (Steel and Metal Processing Trade Association), has clear words to say about the current situation in the industry: "We are in a tangible industrial crisis. Companies are cutting back on production - every day we are losing value that will not come back. Politicians must react immediately and improve the relief package. We are looking into an abyss."
Current economic data shows how far the crisis has already progressed: Production fell by a further two percent in July. The first suppliers of input materials for steel and metal processors are ceasing production, while others are raising their prices to dizzying heights. In addition, pressure is building on energy costs. "We are already seeing the first insolvencies. The state must react immediately and now. Otherwise, companies and their employees will inevitably fall into the abyss," says Christian Vietmeyer.