BUSINESS

Steel orders drop to 1980s levels

TAGS: Business

Listed companies in the Greek commercial iron and steel industry continue to struggle as orders have fallen to levels unseen since the 1980s, with the decline in domestic demand being aggregated at around 65-75 percent.

In 2015, the four companies in the sector had cumulative post-tax losses of 26.39 million euros, recent data have shown.

Meanwhile, the Greek construction industry has slowed since the advent of the crisis, which is a persistent driver behind the fall in demand for steel.

According to analysts, the resumption of major construction concession projects that were previously frozen did not create an overall positive impact on the demand for steel products, while exports remain a challenge due to the high costs of transportation.

The companies’ H1 2016 results are due to be published on September 30.

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