Swiss government rolls out energy subsidies to protect domestic steel and aluminium sectors
Switzerland has taken a decisive step (it was really high time!) to safeguard its steel and aluminium industries from mounting electricity costs. The government has announced a subsidy programme wherein the Swiss authorities pledged CHF 37 million (USD 42 million) in financial aid to four key industrial players, including Swiss Steel and Stahl Gerlafingen. The measure, effective from January 2025, will run until the end of 2028, aiming to maintain domestic production and preserve jobs in these energy-intensive sectors.
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Electricity prices have seen a cosmic soar in the past few years, resulting in immense financial strain on the nation’s steel and aluminium producers, which the recent government initiative is anticipated to cushion. The industry will seemingly be relieved from excessive costs by offering a phased reduction in power grid usage fees.
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