A Monaghan engineering company says a "minimum increase of 20% for the cost of steel" is likely in Quarter 3 of this year due to the war in Ukraine.
In a statement to Northern Sound, McAree Enginnering warned that the war "has had an immediate impact on the cost of steel", which is already at "historic highs".
Russia and Ukraine supply over 50% of European steel mills with coke for firing the furnaces and iron ore as raw material.
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However, McAree Engineering says this "supply has dried up".
It adds that "escalating power prices have resulted in some steel mills cutting production at peak times".
