Soaring energy prices threaten to inflict lasting harm on Europe’s manufacturers. 'This is the way we are actually killing industry.'
and threatens to inflict lasting harm on its manufacturing businesses. Unlike the U.S., Europe leaned on manufacturing and heavy industry to keep its economy chugging in recent decades. A bigger chunk of its economy comes from the likes of steelmakers, chemicals producers and car makers.has left few businesses untouched, from steel and aluminum to cars, glass, ceramics, sugar and toilet-paper makers.
Factory curtailments and closures have saved fuel in Europe’s quest to reduce demand. Along with the hunt for non-Russian supplies, that’s enabled the European Union to sock away enough gas to fill over 80% of its storage capacity, probably enough to get to spring without government-enforced quotas even if Mr. Putin cuts supplies to zero, analysts say.
“We think about things we wouldn’t dare to think about a year ago,” said Michael Schlaug, general director of Yara’s Sluiskil facility in the Netherlands, which stopped the second of three ammonia plants in late August. Engineers are rejigging machinery to accommodate imported ammonia with higher water content as the facility turns to shipments from the U.S., Trinidad and elsewhere to replace products it previously made.NV is importing more ammonia through Rotterdam.
“We have never had such upheavals in the energy prices,” said Reiner Blaschek, chief executive of the company’s German business. “Everything that is associated with enormous volatility in the short term is for us as a commercial enterprise, to put it mildly, pure poison.”ArcelorMittal Germany has been buying sponge iron externally from the U.S. instead of making it locally using gas.
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