The world’s largest steelmaker, ArcelorMittal, is shutting down two steel plants in Germany, and idling one in Spain amid record energy prices: “As an energy-intensive industry, we are extremely affected. With gas and electricity prices increasing tenfold within just a few months, we are no longer competitive in a market that is 25% supplied by imports,” explained Reiner Blaschek, CEO of ArcelorMittal Germany.