Thyssenkrupp faces risk of suspension amid natural gas supply shortage

Monday, 01 August 2022 15:09:33 (GMT+3)   |   Istanbul

The current low supply of natural gas from Russia to European steelmakers, which are dependent on natural gas supply to continue their operations, has led German steelmaker Thyssenkrupp to prepare for an interruption or a restriction of natural gas supplies. The company, which still operates with natural gas, may suspend its production as it can only deal with the gas shortage to a certain extent.

Natural gas supply from Russia to Germany has been reduced due to maintenance work at the pipeline Nord Stream 1, and Europeans are concerned that the Nord Stream 1 pipeline may not be recommissioned, as SteelOrbis previously reported. In addition, Russian gas monopoly Gazprom declared force majeure on natural gas supplies to its European customers in July.

Meanwhile, not only the steel industry, but also other German industries are facing risks of natural gas shortages. Automotive manufacturers BMW and Mercedes, which are major steel users, are trying to lower their natural gas consumption and are looking for other energy sources such as green electricity or oil, SteelOrbis understands.

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