Rescue for struggling German shipyard 'within reach,' minister says

German Vice Chancellor and Economy Minister Robert Habeck said on Thursday that a deal to rescue the struggling Meyer Werft shipyard from its current financial crisis is "within reach."

Meyer Werft is a traditional and "very, very efficient" shipyard in Germany, Habeck said while visiting the Gamescom video gaming trade fair in Cologne.

Chancellor Olaf Scholz is expected to visit the shipyard to speak with workers later on Thursday amid reports that progress is being made toward a deal for a government bailout of the shipyard. Top leaders from the German state of Lower Saxony, where the shipyard is located, are also expected to join.

Meyer Werft, which is internationally known for cruise ship construction, has faced major financial difficulties due to rising costs that weren't reflected in shipbuilding contracts, as well as difficulty securing bank loans.

"We have been working intensively on solutions in the Ministry of Economic Affairs in recent weeks," said Habeck.

Politicians want to help find a solution so that ships can continue to be built there, Habeck said.