It’s crunch time for a national business model built on Russian gas and Chinese demand
500 index. “The substance of our industry is under threat,” warned Siegfried Russwurm, boss of the, the association of German industry, last month. The situation was looking “toxic” for many businesses, he said. And through globalised supply chains the poison could spread to the rest of the industrialised world, which relies heavily on German manufacturers.
Bigger energy-intensive business such as chemicals or steel face a similar predicament, exacerbated by the need to compete with rivals in other countries where the cost of energy is lower., a chemicals giant which uses natural gas for both energy and as an input, has already cut production and may need to slash it further. Thyssenkrupp, another big steelmaker, has lost half its market value since January.
The higher costs are becoming harder to pass on to consumers. Hakle, a big maker of loo paper, has filed for insolvency after being unable to pass onto clients the huge increase of production costs. After several fat years, carmakers’ order books are thinning as inflation burns a hole in car buyers’ wallets. The next two or three years will be very lean, predicts Mr Dudenhöffer. Car companies cannot easily modify production processes.
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