Increase in steel prices may cause job cuts
In Ireland, the unprecedented steel prices started to impact other sectors negatively. Accordingly, rising steel prices may cause closures and job losses in construction and metal fabrication industries. Steel prices soared by 20% since the beginning of the year and are expected to increase further in the coming weeks. The increase in raw materials will also put pressure on the prices of finished product and will have an inflationary impact. This uncertainty in steel prices is creating huge problems in planning businesses and threatening the viability of the business and also putting jobs under risk. The volatility of the steel market is attributed to the overflowing demand for steel worldwide. This situation is creating a shortage of steel for the demand in the rest of the world.