Chancellor Scholz Vows Support for Historic German Shipyard

German Chancellor Olaf Scholz reassured workers at Meyer Werft that the government was collaborating with company owners and banks to secure the shipyard's future. Describing Meyer Werft as an 'industrial crown jewel' with a 229-year history, he mentioned that state support details require parliamentary and European Commission approval.

German Chancellor Olaf Scholz assured workers at Meyer Werft on Thursday that the government was working with company owners and banks to secure the future of the shipyard, home to one of the biggest builders of luxury cruise liners.

"We all want to secure the continued existence of the shipyard - and with it everything that depends on it," Scholz said in a speech during a meeting of the works council. He described Meyer Werft, with its 229-year-old history, as an "industrial crown jewel" for Germany.

The details of state support still need to be clarified, and any arrangement would require approval from the German parliament and the European Commission, Scholz added.

(With inputs from agencies.)