Steel industry struggles with high energy costs

The steel industry is sounding the alarm over the sharp rise in electricity and gas costs. “In the last six months alone our spending on gas and electricity has risen by a three-digit million euro amount,” the head of ThyssenKrupp Steel Europe, Bernhard Osburg, said on Wednesday at the “Handelsblatt Annual Conference Future Steel 2022”. He said prices had doubled and tripled. He said Thyssenkrupp has the advantage of producing two-thirds of the electricity it needs itself through processes at the Duisburg steel site. The remaining third alone leads to these additional costs.