The impact of the Ukrainian war on BE Group
The Russian invasion of Ukraine has created an extraordinary situation that we have not experienced up close in modern times. BE Group strongly condemns Russia's invasion of Ukraine and the aggression directed against Ukraine and its people. Russia and Ukraine are major producers of iron ore and other inputs and European manufacturers are importing parts of their coal needs from Russia. It is clear that the war will have a major impact on the European steel market with shortages and sharp price increases as a consequence. About 10% of BE Group's total steel purchases in 2021 came from