Metallurgy of Greece has reached a point of no return

The local metallurgy of Greece has reached a point that market experts believe led to the closure of companies and is an irreversible milestone, despite efforts to stay alive. The government measures, as it seems to experts, are too small, too late, so employees expect the worst possible scenario.

Domestic demand has returned to levels unprecedented since 1962. In addition, in the first months of this year, the sector suffered huge losses, as construction activity in the country was practically non-existent.

Businesses that are still open only operate night shifts from 10pm to 6am when electricity rates are lower, and only Monday through Friday. These measures, announced by the government, are expected to reduce the cost of natural gas and oil by € 150 million, which could help businesses continue to operate until December, although they have not yet been fully implemented.

Sources from Kathimerini said the group leader, Konstantinos Angelopoulos, is likely to try to reopen the Halyvourgiki SA plant in Aspropyrgos and bring back some 192 workers. However, no one can tell what will happen in the coming weeks if there are no new orders.

In contrast, the news from Nikos Manezis's group in Hellenic Halyvourgia is even worse, as the company plans to start issuing leave notices to its 100 employees and is required to provide them with their legally mandated severance pay, a Kathimerini spokesman said.