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The German Thyssenkrupp announced the “strong blow” of the energy crisis to the factories of the concern

Europe

Rise in energy prices has become a "strong blow" to the enterprises of the largest steel producer in Germany.

The German Thyssenkrupp announced the “strong blow” of the energy crisis to the factories of the concern

The steel division of Germany's Thyssenkrupp, Europe's second-biggest steelmaker, is feeling the impact of the sharp rise in energy prices and welcomes a proposal this week by an expert panel to limit gas spending for industry, a senior executive said.

“The energy crisis has certainly hit us hard,” said Thyssenkrupp Steel Europe CEO Bernhard Osburg during the official opening of the new €250 million ($243 million) hot-dip galvanizing plant.

According to him, this site requires as much natural gas as a small town.

Osburg said that is why the company welcomes the commission's proposal to set a fixed gas price for industry at 7 euro cents per kilowatt-hour from 2023, which refers to 70% of consumption, with 2021 serving as a benchmark.

“This proposal must be implemented. It gives us the ability to plan for the security of the investment and the challenges ahead,” Osburg said.

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