It is reported that several Spanish steel makers have cut output at their electric-powered mills after power prices skyrocketed to record highs following Russia's invasion of Ukraine. Electricity costs have surged in tandem with gas prices following Russia's invasion of Ukraine, creating a headache for power-intensive industries like steel, as producers are unable to transfer all the increase in costs to their customers. Wary of signing long-term contracts with utilities, which would lock in current high prices, steel makers have resorted to buying electricity on the spot market where prices are at record highsArcelorMittal Spain has stopped operating during peak hours, or about one third of the time, at its Olaberria plant in Spain. The company will also extend a scheduled closure of another plant in nearby Sestao for 10 days until March 23 and plans to close a third plant in Gijon in Asturias, between March 24 and 28.Stainless steelmaker Acerinox is slowing production at its 1.1 million tonne Campo de Gibraltar in Spain plant due to high energy prices. At present, output is at around half capacity as the company continues to fulfill ordersCelsa, whose Barcelona mill has an annual capacity of 2.5 million tonnes, also cut output, citing unbearable energy costs & its furnaces are operating at different hours to adapt to electricity pricesOther privately held steel makers such as Megasa and Siderurgica Balboa also halted output at least in part.Spain is Europe’s fourth largest steel producer, behind Germany, Italy and France.