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"Exorbitant Rise In Energy Prices" Forces Europe's Top Steelmaker To Close Plants
Germany, the largest economy in the bloc, still faces historically high energy costs that have forced cuts in industrial output. World's largest steelmaker, ArcelorMittal blamed the coming smelter shutdowns on "the exorbitant rise in energy prices," which is devastatingly impacting the company's "competitiveness of steel production." The decision to reduce metal output was also based on "weak market demand and a negative economic outlook" as energy hyperinflation risks sending Europe into a deep recession.
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