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(RMX NEWS) – The energy in crisis in Germany is turning into a manufacturing crisis, with an executive at the ArcelorMittal steel company saying that the German wing of the company can no longer compete due to soaring energy coasts.
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“Production in Germany is currently no longer competitive,” said Reiner Blaschek, the CEO of ArcelorMittal Germany, which recently shut down two plants in the country. He is calling for quick political intervention, saying, “We need competitive energy prices for industry.”
Gas and electricity prices, which have soared in recent months due to sanctions and Russia’s decision to cut gas flows, have left many industrial companies with input costs too high to remain profitable, and many economic experts are forecasting further pain for Germany’s core industrial sector, which would have knock-on effects for the rest of the German economy.
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