British chemical giant INEOS has announced job cuts and the closure of two divisions due to rising energy prices and cheaper imports from China.
INEOS has announced the loss of 60 jobs at its Halle plant. The company cited two key reasons for this decision: high operating costs for its products and the more lenient pricing policy of Asian suppliers.
The company also confirmed its intention to close two production units in Rheinberg, Germany, resulting in the loss of 175 jobs.
According to INEOS, the UK and Europe are “slowly but surely moving towards deindustrialisation,” and the European region needs urgent support measures, including the introduction of anti-dumping duties, to counter Chinese products with lower production costs.
“Unless decisive action is taken, new plants will close and thousands of jobs will be lost, not only in Halle, but across the UK and European chemical industry,” the company said in a statement.
INEOS top manager Stephen Dossett expressed outrage over European energy policy.
“Europe is committing industrial suicide. While competitors in the US and China are benefiting from cheap energy, European manufacturers are suffering losses because of our own policies and lack of tariff protection,” Dossett said.
