Swiss Steel Aid Draws Closer in Break From Hands-Off Policy [Yahoo! Finance Canada]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The sector is under increasing pressure as a slump in European manufacturing erodes demand from key customers, putting thousands of jobs at risk. Lawmakers in the upper house on Monday voted in favor of cutting a levy steel firms pay to fund the country's electricity networks. The government, and its economic advisory agency, had opposed any intervention, arguing that authorities shouldn't decide who gets to be industrial winners or losers. The controversy mounted after Swiss Steel Group, the country's largest producer, said it would cut hundreds of jobs. Stahl Gerlafingen, owned by Italy's AFV Acciaierie Beltrame SpA, had announced earlier in the year that it was closing a production line. It then paused the move after the prospect of aid arose, putting pressure on lawmakers to respond. Unia, the country's largest trade union, said the parliament decision, which follows approval in the lower house last week, gives the companies “urgently needed tim
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