European Chemicals Giant Ineos Plans to Cut Output in Germany
The Ineos production facilities on the outskirts of Cologne, Germany.
Photographer: Wolf von Dewitz/picture alliance/Getty ImagesChemicals giant Ineos Group Ltd. plans to cut production in Germany, blaming high costs and cheap imports.
The company, owned by billionaire Jim Ratcliffe, has long warned that high energy and carbon costs are undermining the region’s competitiveness. Europe also lacks the tariffs the US uses to block imports from Asia, it said in a statement, which added Rheinberg in northwest Germany to the list of sites where capacity has already closed or is under threat.