Announcement
Thursday, February 21, 2013
Announcement
In accordance with the provisions of article 2 par.2 of the decision No. 3/347/12.07.2005 of the Hellenic Capital Market Commission, SIDENOR S.A. informs the investment community that due to the difficult economic conditions in Greece hitting mainly the construction activity, the adverse weather conditions affecting the main export markets (Balkans) and in order to adapt its production to the low demand for construction steel products, the subdsidiary SOVEL S.A., in agreement with its employees, proceeds to temporary suspension of the production of the plant in Almyros, Magnesia during March.
The sales of products will continue normally, during the suspension period, along with the supply of raw materials (scrap), in order to reopen the factory on Monday April 1st, 2013.
It is important to note that in SOVEL plant, there have been invested more than 50 million euro in the last four years, while new investments are planned in order to further enhance its competitiveness.
The above will not affect the financial results of SOVEL S.A. and therefore of SIDENOR Group, since the sales activity continues normally.