Energy Crisis Hits European Steel Prices

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The European steel industry became the latest casualty of the ongoing energy crisis. In late August, Europe’s largest (and world’s second-largest) steelmaker, ArcelorMittal, announced plans to increase its steel prices. November deliveries of hot rolled coil will see a 13% price hike, while prices for other products (including commodity-grade long steel) will rise by $150 per ton.