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Luxembourg’s government has reportedly sold its shares in the steel engineering firm Paul Wurth, which it has owned since the 2008 financial crisis. Library picture: Paul Wurth headquarters, near the central train station in Luxembourg City, 22 February 2021. Photographer: Matic Zorman 

The sale accompanied promises from SMS of investment in the 150-year-old company, including developing hydrogen power projects.

Trade unions OGBL and LCGB also received reassurances that there would be no redundancies among the 500-strong workforce before 2023.

The OGBL and LCGB said the deal was struck last week.

Currently the firm is 18.4% owned by the state investment bank (SNCI), the nationalised Banque et Caisse d'Épargne de l'État with 10.98% and the Luxembourg state directly with 10.98%.