A spokesperson for the German economy ministry said that the government may consider supporting Meyer Werft, which is one of the largest cruise ship builders in the world. The company, which is struggling to cut costs, has planned hundreds of job cuts.

The federal government and the state of Lower Saxony are considering a financial assistance package for Meyer Werft, which is based in Papenburg.

Ralf Schmitz, the restructuring chief at Meyer Werft, says that Meyer Werft will need to raise approximately 2.7 billion Euros ($2.91 billion), in the next few years. The sum is comprised of 2.3 billion euro in working capital, and 400 million euro in equity needed to cover past losses.

At a Berlin press conference, the spokesperson for the ministry said that the exact circumstances of a situation will be assessed before any decision is made.

After a meeting with the IG Metall union, both parties said that the planned number of job cuts had been reduced to 340. This would leave Meyer Werft at least 3100 employees by the end 2030.