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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

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    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    2022 financial year: UAC of Nigeria posts N2.69 billion loss

    Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months

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    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Russia-Ukraine war halts Steel and Paper mills’ operations in Italy

Sunday, 13 March 2022, 6:08 pm
in News, World
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Russia-Ukraine war halts Steel and Paper mills’ operations in Italy
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In Italy, the European Union’s third-largest economy, paper and steel mills are halting their operations due to skyrocketing natural gas prices. Natural gas prices had been rising since 2021 as reserves dwindled in Europe, the energy crunch drove up costs for electricity, food, supplies and everything in between for people and businesses.

Now with the Russian invasion of Ukraine and the array of sanctions being put on it by the European Union, her members and allies, fears that the conflict will lead to an energy cutoff sent energy prices soaring,

The impact of this rise in Italy goes beyond a paper mill that make everything from pizza boxes to furniture packaging and steel mills that are turning off electric furnaces, it extends to fishermen staying back in ports mending their nets as they are facing spikes in oil prices, which has kept their fishing boats and ships moribund at the ports.

Italy is heavily dependent on Russian Energy, and this dependence in taking a high toll on its industries. Some 40% of electricity in Italy is generated from natural gas that largely comes from Russia, compared with roughly one-quarter in Germany, another major importer and the continent’s largest economy.

Also read: Germany’s Deutsche Bank winds down its business in Russia

Over the past 10 years, Italy’s dependence on Russian natural gas has surged from 27% to 43% — a fact lamented by Premier Mario Draghi. European leaders meeting Friday in Versailles outside Paris discussed ways of easing the pain. Draghi pushed to diversify gas sources, develop renewables and introduce a cap on natural gas prices. He said his foreign minister, who recently visited Algeria and Qatar, was working on new gas markets.

Yahoo finance reports that a Veneto-based paper mill had suspended operations at six mills that recycle paper to supply one-third of all of Italy’s packaging needs.

Francesco Zago, CEO of the paper mill, Pro-Gest S.p.A, stated that they have found themselves facing huge losses as a result of the sky high prices.

Energy prices has risen  from 90 euros a megawatt hour to over 300 euros a megawatt hour.

To remain profitable, he said they would have had to nearly double prices from 680 euros a ton to 1,200 euros — not doable on the marketplace.

He went further to state that despite the suspension of operations at six of their mills, they still have enough stock to keep open the company’s sites that make cardboard boxes and other packaging, supplying industries from food to pharmaceuticals to furniture. But that could run out soon.

Acciaierie Venete, makers of high-quality steel for automotive and agricultural machinery, shut three of its steel mills for a few days last week as prices spiked to 10 times above normal.

“Never, ever has this happened that we had to shut down ovens,’’ said Francesco Semino, an executive at the steel-making company based in the northeastern region of Veneto.

The urgency of Italy’s energy situation is trickling down to consumers in the form of higher heating bills, and more recently, rising prices at the pump, with gasoline topping 2 euros a liter this week, or nearly $6 a gallon.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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