Crucial American Manufacturer CRIPPLED Under Skyrocketing Energy Prices
(AmericanProsperity.com) – As the rise in pricing hits every sector, even energy companies, corporations are finding it extremely difficult to maintain the costs of running their businesses. Corporations are struggling to keep the lights on, let alone sustain productivity. The spike in energy costs recently forced America’s second-largest aluminum mill to shut down.
The second largest aluminum mill in the United States has idled operations, laying off about 600 American workers, due to “untenable” electricity and energy prices. https://t.co/pbB1ACEbch
— Breitbart News (@BreitbartNews) August 11, 2022
Bloomberg reported that 600 employees working in the Century Aluminum Co. (CAC) plant in Hawesville, Kentucky learned they’d lost their jobs on June 22. Jesse Gary, the CEO of CAC, noted during a recent earnings call the reason they decided to idle the mill was due to high energy prices, which made running the facility senseless. Costs have tripled for mills in the US just in the past few months. The company announced it would be shutting down for 9-12 months.
CAC isn’t the only one in the industry struggling under the Biden administration’s economy. Two steel mills are also suspending operations as a result of not being able to afford to keep production running. The unfortunate development comes months after executives in the industry warned the federal government of what would happen if they didn’t address the crippling energy rates.
If these expenses continue, they will have a significant impact on mills across America, much as they have already. How many more people will lose their jobs in an economy where even high earners are living paycheck to paycheck?
~Here’s to Your Prosperity!
Copyright 2022, AmericanProsperity.com