Financial TimesFinancial Times

The energy crisis gives the US a chance to woo big European companies

By Brooke Masters

02 Nov 2022 · 3 min read

Editor's Note

The energy crisis has made Europe distinctly unattractive to heavy industrial companies, the Financial Times reports. The US is in prime position to capitalize on this.

European heavy industry has endured a grim few months. Sky high energy prices and fuel shortages sparked by Russia’s invasion of Ukraine have left close to 10 per cent of crude steel production and half of primary aluminium idle. The fertiliser industry has recently clawed its way back to half capacity and groups such as Norway’s Yara are warning that slashed production will lead to food shortages.

The fuel crisis appears to be easing. But the strictures that it caused will hang over European corporate decisions for years. Even as companies invest in green energy and improve energy efficiency, some are also rethinking their geographic footprint.

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