France pledges support for aerospace as Airbus slows ramp-up

France is looking at extending state support for Airbus and other aerospace firms through 2024 after the planemaker reined in production plans amid concern that new coronavirus strains will stall a recovery in travel. “We will do everything to save our aerospace industry,” Finance Minister Bruno Le Maire said Friday ahead of a meeting with Airbus CEO Guillaume Faury. That could include prolonging a dedicated investment fund beyond next year to “allow the sector to recover,” he said. Le Maire also suggested the possibility of granting extensions for reimbursing the biggest state-backed loans, like those funding programs such as Airbus’s A350 jets. Le Maire spoke on a visit to Airbus’s headquarters in Toulouse following a week of negative news for aviation companies as resurgent Covid-19 infections prompt a slew of new travel restrictions. Airbus responded by slowing a ramp-up in single-aisle jet production, marking a retreat from the optimism shown in October when it told suppliers to expect a sharp increase in build rates. The French government will maintain a “whatever-it-takes” policy to save jobs and provide financial backing for aerospace suppliers, including diversification into other industries, Le Maire said, adding that the sector is considered strategically vital to the economy, like Air France-KLM.<br/>