European stainless steel mills closing due to energy crisis
September 26, 2022
Due to skyrocketing energy prices and weaker demands, many European stainless steel companies are scaling back or shutting down their production. This crisis began when Russia shut down a big gas pipeline indefinitely. In response to the sanctions that the European countries have imposed on Russia due to the ongoing Russia-Ukraine, Russia is using its control of gas supplies to exert pressure on the European countries.
(Source: Oil Price)