40 CEOs of European metal groups warn of an “existential threat” to the industry in an open letter.
“50% of the EU’s aluminium and zinc capacity has already been forced offline due to the power crisis, as well assignificant curtailments in silicon and ferroalloys production and further impacts felt across copper and nickel sectors. In the last month, several companies have had to announce indefinite closures and many more are on the brink ahead of a life-or-death winter for many operations. Producers face electricity and gas costs over ten times higher than last year, far exceeding the sales price for their products. We know from experience that once a plant is closed it very often becomes a permanent situation, as re-opening implies significant uncertainty and cost.”
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