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Steel Plants Across Europe Cut Production as Power Prices Soar

  • Energy crunch prompts plants to suspend some operations
  • Steel prices have surged as traders brace for curtailed supply
Updated on

Steelmakers across Europe are cutting back their operations as power prices surge to record levels in response to Russia’s invasion of Ukraine.

Producers of the metal from Spain to Germany are beginning to slow down or entirely stop their output as the higher costs make production unsustainable, even with steel trading near record levels. Russia’s invasion of Ukraine has exacerbated already eyewatering power prices, affecting companies including Acerinox SA, Salzgitter AG and Liberty Steel.