A supply crunch that sent European energy prices to records is squeezing profits for some of the continent’s industrial giants, threatening to derail the region’s economic recovery.
Europe’s top chemicals firm BASF SE said it has been unable to fully swerve the impact of record-breaking electricity prices despite producing 80% of its own power. Aurubis AG, the continent’s biggest copper producer, said energy costs have already dragged down profits and will continue to weigh on margins for the rest of the year. Things got so bad in the U.K. that a major fertilizer producer shut two plants and in Norway an ammonia manufacturer also curbed production.
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September 17, 2021 at 10:00AM
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Energy Crisis Worsens as Rally Hits Europe's Industry Giants - Bloomberg
"industry" - Google News
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