The world is not currently facing just any old energy crisis. This one is so massive that it is shutting down major industries like steel that function as a bedrock of industrialized society.
Reiner Blaschek, CEO of ArcelorMittal Germany, the world’s largest steel manufacturer, would know. He told the media recently that his own company is having to trim down operations due to exorbitant energy costs that show no signs of relenting.
ArcelorMittal operates plants all around the world, but in Germany its business is no longer able to compete due to the ongoing energy crisis. And many of the company’s competitors are in the very same boat.
Two key ArcelorMittal plants in Germany recently closed because of the crisis, and will likely never reopen due to the high costs and onerous bureaucratic red tape involved.
“Production in Germany is currently no longer competitive,” Blaschek says. “We need competitive energy prices for industry.”
Western sanctions against Russia over its invasion of Ukraine have left Germany in economic shambles.
Entire sectors of the country’s once-great economy are crumbling into oblivion as the era of cheap and abundant energy appears to have ended.
No Energy, No Fertilizer, No Food.
No comments:
Post a Comment