Germany eyes raw materials pool this year -magazine
FRANKFURT Oct 30 (Reuters) - The German government and about 10 companies based in Europe's biggest economy are planning to found a company before the end of the year to buy key raw material needed by the industrial sector, German magazine Der Spiegel reported.
ThyssenKrupp, Germany's biggest steelmaker, said a year ago that the government and German companies should band together to buy raw materials. Germany depends on raw materials from abroad to power its export-driven economy.
German Economy Minister Rainer Bruederle at the time also urged industrial firms to set up a "Deutsche Rohstoff AG", or a German raw materials company, to find and secure rare earths, which are used to manufacture a range of high tech products.
But he also ruled out the state's taking a stake in it. (Reporting by Maria Sheahan; Editing by Helen Massy-Beresford)