Electricity bills slashed to bailout struggling Swiss steelworks

Swiss lawmakers have agreed to slash electricity bills at four struggling steel and aluminum plants in a rare bailout of a strategically important industry. +Get the most important news from Switzerland in your inbox Both parliamentary chambers have voted in favor of amending the Electricity Supply Act. Following the decision, the law now stipulates that iron, steel and light metal foundries "of strategic importance" will receive financial relief under certain conditions. + Read about the Swiss steel industry in crisis The Stahl Gerlafingen and Steeltec steelworks, plus the canton Valais aluminum foundries Constellium and Novelis are the beneficiaries. They are to be exempted from part of the electricity grid usage fees for four years. This discount is to be paid for jointly by all electricity consumers. The companies must fulfill various conditions to receive the bridging aid. As the Senate tightened these conditions on Monday, the bill will return to the House of Representatives.