Factories that were closed due to the energy crisis in Germany caused concern in the German industry.
One of the moves that shook the industry came from ArcelorMittal a month ago. The company, which decided to close one of its factories in Hamburg, revealed the effects of the energy crisis with this decision.
At the same time, the company decided to close its blast furnace in Bremen at the end of October, and these decisions caused other German companies to worry.
It is seen that the energy cuts occurred as a result of the sanctions imposed by the EU against Russia after Russia's invasion of Ukraine. The increase in energy prices, on the other hand, causes changes in the industry by causing input costs in companies to exceed profits. It is observed that the increase in gasoline prices has a negative impact on the demand for steel in the manufacturing, automotive and construction sectors.
Economists express their opinion that if the effects of the energy crisis continue, the negativities in industrial production, which constitutes 22% of the German gross domestic product, will deeply affect the German economy.
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