BUSINESS

Historic Halyvourgiki industry about to fold

historic-halyvourgiki-industry-about-to-fold

Halyvourgiki’s long history is about to come to an end next month, as courts in early April are scheduled to hear an appeal by creditor National Bank of Greece for the historic steel industry to be placed in special administration status. Arrears to the bank have come to 343.7 million euros.

Investments implemented in 2006, just before the big economic crisis that led to the collapse of construction activity as well as demand for steel, coupled with ongoing feuds within the family that owns the company have precipitated the end of one of Greece’s biggest industries, with no way out seen from the impasse.