Steel Giant Shuts Down Plants in Germany, Sparking Energy Crisis Fears

German Economy and Climate Action Minister Robert Habeck speaks during a news conference on the future use of liquefied natural gas in Berlin, Germany, on Aug. 16, 2022. Lisi Niesner/File Photo/Reuters

The energy crisis has been hitting Europe’s largest economy hard, with two of Germany’s largest steel manufacturing plants being forced to shut down.

ArcelorMittal’s plan to deactivate one of its largest steel plants in Hamburg last month caused shockwaves through out the industry.