Even though European power and natural gas prices have subsided this week, Germany, the largest economy in the bloc, still faces historically high energy costs that have forced cuts in industrial output. The latest example is the world's largest steelmaker, ArcelorMittal, which released a statement Friday about shutting down two plants and idling one. Europe's top steelmaker said two plants in Germany (one in Bremen and the other in Hamburg) would be partially closed at the end of September. A plant in Asturias, Spain, will also be idled. 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. "As an energy-intensive industry, we are extre...
"La verità passa per tre gradini: prima viene ridicolizzata, poi viene contrastata, infine viene accettata come ovvia" (A. Schopenhauer)