Acerinox, a stainless steel manufacturer based in Spain, said it is cutting production at its 1.1-million-ton steel plant in Campo de Gibraltar due to unbearable energy costs.

The company maintained around half of its capacity and continued to finish its orders while doing production cuts at its rolling mills and smelters sequentially. The annual capacity of hot-rolled steel at this plant is 900,000 tons and cold-rolled steel is 600,000 tons per year.

Moreover, Acerinox has also discussed a temporary layoff plan with unions but hasn’t made a specific date or time.