German Chancellor Olaf Scholz is considering state involvement in Thyssenkrupp to support the steel industry.

Ahead of a steel summit, Scholz outlined a three-point plan to secure the future of steel production in Germany, emphasizing its geostrategic importance.

The plan includes ensuring reliable electricity prices for climate-friendly steel production, investing in CO₂-saving alternatives to traditional blast furnaces, and protecting domestic companies from foreign dumping.

Scholz did not rule out state participation in Thyssenkrupp, citing past examples of temporary state involvement to help companies through financial difficulties.

Thyssenkrupp's steel division plans to cut or outsource 11,000 jobs by 2030, with closures and sales of certain facilities.