Brussels-headquartered Viohalco S.A. has announced that its subsidiaries Greek steel producer Sidenor Group, Sovel S.A., Erlikon S.A., Praksys S.A. and Etil S.A. will suspend their production operations for one month effective from April 2 until May 3 due to the ongoing difficult conditions in the global steel market, which has been significantly affected by the coronavirus outbreak. This move is attributed to the sharp decline in demand for construction materials and activities using steel as a raw material.
During this period, commercial activities and raw materials shipments of the given companies will reportedly not be affected.
These measures are expected to minimize the coronavirus outbreak’s impact on both the cost and the liquidity of the companies and protect the steel supply chain.