British Steel: the rise in electricity prices is out of control

One of the largest metallurgical companies in Europe, British Steel, told the Financial Times that it is concerned about the situation with the rise in electricity prices, which is “out of control.” Some producers have already begun to suspend operations, according to UK Steel. The cost of electricity can account for up to 20% of the production costs of industry participants, so a sharp rise in energy prices can make production at such prices simply unprofitable. British Steel itself, which is owned by the Chinese conglomerate Jingye, is still maintaining its production at the usual level, but has already asked the British government and the Energy Market Regulatory Authority to provide the UK with working conditions comparable to those in which its European competitors work. “We are already in a losing position in comparison with our European competitors, – says British Steel. – They pay for electricity noticeably less than we do, and continuing….

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