Steel Giant Shuts Down Plants in Germany, Sparking Energy Crisis Fears
The energy crisis has been hitting Europe’s largest economy hard, with two of Germany’s largest steel manufacturing plants being forced to shut down.
ArcelorMittal’s plan to deactivate one of its largest steel plants in Hamburg last month caused shockwaves through out the industry.
The world’s second largest steel company also said it would later shut down a blast furnace at its Bremen site at the end of October.
ArcelorMittal is the first large industrial group in Germany to shut down production due to the energy crisis.
High energy use sectors—from steel, chemicals, glass, paper, to ceramics production—have now been put on notice….