section_path: Consequences
section_name: Consequences
paragraph_text: Consequences
  
  Economic downturn trends were illustrated by the closure of a 124-year-old steel pipe factory in Düsseldorf, where 1,600 workers lost their jobs. The chemical sector was particularly hard-hit, with major players like BASF SE and Lanxess AG significantly reducing their workforce. In the automotive sector, major suppliers like Continental AG and Robert Bosch GmbH announced plant closures and job cuts. Tire manufacturers Michelin and Goodyear planned to close several German plants. The renewable energy sector, particularly solar panel manufacturers, struggled to compete with Chinese rivals, leading to job cuts and potential relocations.