ECONOMY

Halyvourgiki steel producer grinds to a halt

halyvourgiki-steel-producer-grinds-to-a-halt

The fate of the once mighty Greek steel producer Halyvourgiki was officially sealed on Monday, when the electricity supply to the company was switched off, while the Angelopoulos family feud is being battled out in court.

Grid operator ADMIE executed on Monday Public Power Corporation’s order and pulled the plug due to the former giant’s failure to reach a settlement over its debts of 31.4 million euros.

The company ceased production in 2015, and according to its owner Constantinos Angelopoulos, the only reason the business had continued to operate was to protect its workers.