Reuters reported that Germany plans a special aid program of EUR 40 million to help its non ferrous metal industry survive the economic slowdown. As per report, the coalition has agreed in principle to make the aid available to the aluminium, zinc and copper industries.
The document said that the sum will be available for support in 2009 to non ferrous metals producers which can show they are suffering from the economic slowdown and high German electricity prices.
Mr Hermann Groehe, a minister in Chancellor Angela Merkel's chancellery ministry, said that the program had been agreed in principle. He added that details of an aid program which conforms with European Union rules will now be worked out by the government.
The policy paper said that the new financial aid planned will prevent closures of metal plants and the transfer of production abroad with the heavy loss of jobs. From 2010, it was expected that greater competition in Germany's electricity transmissions system would enable the non ferrous industry to buy supplies at lower prices.