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Europe's steel industry faces suspension of production on soaring energy prices

Release Time:2022-09-27??Browsing Volume:390?

Sep. 27, 2022 - Europe's steel industry is forced to cut production or even shut down due to soaring energy prices, with some operators warning of permanent shutdowns. Germany, which relies heavily on Russian natural gas, is facing an additional EUR 10 billion in energy costs, equivalent to a quarter of the industry's average annual revenue.

German Steel Association (WV Stahl) chairman Hans Jurgen Kerkhoff said a winter shutdown and an industrial recession would threaten the German economy without immediate action.  

ThyssenKrupp Steel Europe's output has been cut as a possible recession hurt demand, and soaring energy prices have hurt its international competitiveness.  

ArcelorMittal, the world's second-largest steelmaker, has idled several steelmaking facilities, including Germany, forecasting a 17% annual drop in European output in the fourth quarter.

The current monthly energy bill for Belgian stainless steel manufacturer Aperam was equivalent to the annual cost of the past, and it has been forced to halt production.

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