Iron and steel production was originally the engine of Luxembourg’s economic development. The sector is still important, but its share of gross domestic product (GDP) has steadily declined in recent decades.
The Luxembourg company Arbed, founded in 1911, dominated the steel industry in the country during the 1900s, but joined forces with two foreign companies that formed Arcelor in 2002, which by a new merger became Arcelor-Mittal in 2006. The multinational Arcelor-Mittal is the world’s largest steel manufacturer and has its headquarters in Luxembourg. Although Luxembourg is no longer extracting iron ore, the iron and steel industry is still important.
- According to ABBREVIATIONFINDER, LU stands for the country of Luxembourg in geography.
The government is trying to encourage new industries through tax relief and investment aid. Several large foreign companies have been attracted to establish themselves in the country. They are dominated by multinational companies in the chemical industry as well as the rubber, glass and engineering industries. The growing information and communication industry is also gaining importance. The world’s two largest satellite operators are the Luxembourg SES and the US-Luxembourg Intelsat.
- COUNTRYAAH: List of top trading partners of Luxembourg. Includes countries that imported most shipments from and exported most goods to the country.
New government takes office
Xavier Bettel from the Liberal Democratic Party (DP) becomes new prime minister for a coalition government that also includes Social Democratic LSAP and the Greens. It is the first time since 1979 a government was formed without the participation of Christian Democratic CSV.
New elections are held
When a new parliamentary election is held, the Kistist democratic CSV remains the largest with just under 34 percent of the vote and thus receives 23 seats. Socialist LSAP gets 20 percent (13 seats), Liberal Democratic Party (DP) 18 percent (13), Green 10 percent (6). ADR and the Left receive 3 and 2 seats respectively.
Government resigns following corruption scandal
Prime Minister Jean-Claude Juncker submits the government’s resignation application as a result of revelations that the country’s security service SREL has committed extensive illegal telephone interception, corruption and questionable car deals. Juncker, who has been in power for longer than any other EU head of government, remains as the leader of a transitional government.
Juncker leaves as “Mister Euro”
Prime Minister Jean-Claude Juncker resigns as President of the Eurogroup, a post he held since 2005.