Thursday October 2, 2014 Search
Weather | Athens
27o C
19o 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 group’s 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 aren’t providing any credit relief to the industry’s 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)  
ECB to begin buying secured debt, bundled loans from mid-month
Draghi says ECB will purchase assets for at least two years
Draghi says ready to do more to fight low inflation
ECB holds rates, shifting focus to new purchase plans
Marble door discovered in Amphipoli reinforces theory of ancient Macedonian tomb
Pieces of a broken, two-piece, Thasian marble door discovered at the excavation site on Kasta Hill on Thursday were expected to reinforce the belief that the tomb was erected during the anci...
Six face prosecutor for bank robberies, terrorist activity
Six people detained in Athens and Thessaloniki on Wednesday in connection to bank robberies and possible terrorist activity faced a prosecutor on Thursday. The suspects, four Greek men, aged...
Inside News
SOCCER
Rosenberg confident after win over Olympiakos
Malmoe captain Markus Rosenberg scored twice in the Swedes' 2-0 win over Olympiakos on Wednesday and illustrated his confidence in the team after the game. Rosenberg capitalized on slack def...
SOCCER
Rosenberg punishes Olympiakos´s errors at Malmoe
A disappointing Olympiakos got the worst possible result from its clash with Malmoe in Sweden for the Champions League, going down 2-0 on Wednesday due to its own defensive errors and attack...
Inside Sports
COMMENTARY
There´s money, still
The decision reached by Prime Minister Antonis Samaras and his deputy, Evangelos Venizelos, to seek a vote of confidence in Parliament on October 6, is a final attempt to restore order in th...
EDITORIAL
Confidence and corrections
The government must secure a vote of confidence in Parliament. Any other development would see the country enter very turbulent waters. Prime Minister Antonis Samaras and his cabinet must ag...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ECB to begin buying secured debt, bundled loans from mid-month
2. Draghi says ECB will purchase assets for at least two years
3. Draghi says ready to do more to fight low inflation
4. Marble door discovered in Amphipoli reinforces theory of ancient Macedonian tomb
5. Rosenberg confident after win over Olympiakos
6. ECB holds rates, shifting focus to new purchase plans
more news
Today
This Week
1. Doctors, medical employees strike over staff shortages, wages
2. Court to hear Kasidiriaris-Kanelli case
3. Air travel to run smoothly after air traffic controllers' weekend strike deemed illegal
4. Pensioners stage rally in central Athens
5. European stocks decline as investors await ECB policy meeting
6. Moscovici in charge of budgets seen prompting EU deficits debate
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.