Press Release No. 12/2010 IG Metall Calls for a Commodities and Energy Summit: “Cartels and Speculators in the Commodities Market...”

Duisburg – IG Metall sees jobs in the steel industry threatened by “speculators and market-dominating cartels in the iron ore sector.” “No sooner have we put out the fires of crisis than the commodity speculators reignite them and add more fuel to the fire. We cannot, and policymakers must not, accept this,” said Bertin Eichler, chief treasurer of IG Metall, at the protest rally of steelworkers on Thursday in Duisburg. Steel companies are just as critical to the supply of materials for industrial production as banks are to the financial support of businesses. That is why policymakers must act decisively and quickly now. “I call on the federal government: Invite companies, unions, and works councils to a commodities and energy summit. Together, we must develop strategies to safeguard companies and preserve jobs,” Eichler demanded. IG Metall is ready to do so.

The union leader called for new regulations for financial markets. “This gambling must finally come to an end. It is high time to implement the promised financial market regulation and curb speculation,” Eichler demanded. Given the threat to industrial infrastructure posed by excessive price increases of over 100 percent in the raw materials markets and unequal pricing structures in energy supply, fair competitive conditions are necessary, Eichler said.