Sunday August 31, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Threat of closure looms large over domestic steel plants

By Anestis Dokas

The local steel industry has reached the point of no return according to market experts, as the companies course toward closure cannot be reversed despite their efforts to stay alive. Government measures appear to be too little, too late and employees are expecting the worst possible scenario.

Domestic demand has reverted to levels unseen since 1962 and the first half of this year has seen the sector hit by huge losses as construction activity is virtually nonexistent. The plants that are still open only operate night shifts from 10 p.m. to 6 a.m., when the power rates are lower, and only from Mondays to Fridays.

The measures announced by the government, amounting to 150 million euros and involving a reduction in natural gas and oil costs, can only help the plants keep going until December, although they are yet to be implemented.

Sources have told Kathimerini that the management of the Constantinos Angelopoulos group will likely reopen the Halyvourgiki SA plant at Aspropyrgos on Monday due to the expiration of the 192 employees suspension period. However no one can say what will happen in the following weeks unless there is a rebound in orders.

In contrast, the news from the Nikos Manesis groups Hellenic Halyvourgia is even worse as the company plans to start handing out dismissal notices to its 100 employees and giving them their severance pay dictated by law.

One steel company official told Kathimerini that the government announced its measures, but everything has frozen due to the upcoming elections. It is obviously not interested in the sector as the situation is now irreversible for most plants. The fact that banks arent providing any credit relief to the industrys companies unless they submit a viable business plan is clearly hurting the firms too.

What steel firms are asking for is the application in Greece of the same regulations that have applied for years in other European Union countries, such as Italy, the president of the the Association of Hellenic Steel Industries, Alexandros Tiktopoulos, told Kathimerini, in reference to taxation and power rates, among others.

ekathimerini.com , Sunday May 11, 2014 (21:34)  
Disappearing inflation heightens Draghi concerns
Ministry launches work experience program for unemployed graduates
Tax burden in Greece among EUs heaviest, study reveals
Coalition bent on protecting weaker groups
Traveling on public transport in Athens gets cheaper
Commuters will pay 20 cents less for tickets allowing them to use all modes of public transportation in Athens as of Monday, though they will be valid for 70 minutes rather than 90 as was th...
Push made for cuts in education as merger scheme fails
Finance Ministry officials are pressing the Education Ministry to cut costs after it emerged that a program for merging university and technical college departments failed to save 68 million...
Inside News
SOCCER
Tough draw for Greek sides in Europe League Greek stage
Following Thursday nights high, when all three Greek teams competing in the Europa League made it into the group stage of the competition, a harsh reality struck Friday as they found out wh...
JUDO
Greek judoka Iliadis triples up as Aguiar stuns Tcheumeo
Greek star Ilias Iliadis claimed his third world title in the under-90kg category in Chelyabinsk on Friday as Brazilian Mayra Aguiar and Colombian Yuri Alvear won gold in the womens under-7...
Inside Sports
COMMENTARY
Keeping an eye on international developments
The Ukrainian crisis may herald the start of a second Cold War, while there is no shortage of analysts comparing the current international climate to that of 1914 in the runup to World War I...
EDITORIAL
A few good men
It gives us a great deal of hope that we have a new batch of mayors and regional authorities, as well as university rectors who represent the voice of reason and prudence and are unafraid to...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Traveling on public transport in Athens gets cheaper
2. Push made for cuts in education as merger scheme fails
3. Govt aims to curb measures, secure loans, allow tax relief
4. DIMAR chief Kouvelis hints about presidency
5. French expert says Crete crocodile in good health, aged 4-7
6. Tensions mar regional ity swearing-in ceremony
more news
Today
This Week
1. Keeping an eye on international developments
2. A few good men
3. Disappearing inflation heightens Draghi concerns
4. Two men drown off Crete coast in strong tides
5. Traveling on public transport in Athens gets cheaper
6. Push made for cuts in education as merger scheme fails
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. Purification rituals
3. The battle against progress
4. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
5. Strong undersea quake occurs off island of Milos, felt in Athens
6. Greek quest for debt relief faces hurdles in Paris
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.