German Aluminum Giant Speira to Reduce Production

The energy crisis in Europe is growing. German aluminum producer Speira GmbH announced that they decided to reduce aluminum production in Germany by 50 percent due to rising energy prices following the Russian-Ukrainian war.

In the statement recorded by the German aluminum giant, it was stated that they decided to reduce production due to high energy prices. In the statement stating that aluminum production at the Rheinwerk plant in Germany will be reduced by 50 percent as of October, it was underlined that the decision to reduce production was taken as a "result of rising energy prices in Germany" and said, "We are facing similar challenges as many other European aluminum casting plants. Energy prices have reached very high levels in recent months and we do not expect them to fall anytime soon." In the statement made by the company, it was underlined that the production cut will start in early October and that no compulsory layoffs are planned. Germany, Europe's largest economy, continues to battle a spiraling energy crisis triggered by Moscow's decision to halt gas flows through the Nord Stream 1 natural gas pipeline. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account! https://twitter.com/GazeteOksijen/status/1567239964978388992