EANS-News: Demand depressed by corona crisis: AMAG Austria Metall AG introduces short-time working from 1.4.2020

Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.

Company Information

Ranshofen -

  • Downturn in orders particularly from the automotive industry
  • BMI classifies AMAG as systemically relevant to supply Austria's population
  • Extensive measures in place to protect employee health and safeguard production
  • Impact of corona crisis on results not yet foreseeable at this time

(BMI: Federal Ministry of the Interior)

The worldwide corona pandemic is meanwhile having a marked effect on demand for AMAG products. Plant closures in the automobile industry in particular as well as declines in mechanical engineering and construction necessitate adjustments in capacity. Demand for packaging input material remains stable.

AMAG is therefore applying for its Ranshofen plant to go onto short-time working with effect from 1.4.2020 in order to respond flexibly to the expected fluctuations in utilization and at the same time safeguard jobs.

As a major supplier of aluminium strip used in the packaging of medicines, foods and animal feeds, AMAG is classified by the Federal Ministry of the Interior as part of the "critical infrastructure" required to supply the Austrian population. The central challenge is therefore to safeguard the health of the workforce and at the same time guarantee supplies of AMAG aluminium products to the processing industry.

In order to protect its employees, immediately following the first appearance of the disease in Austria, AMAG introduced preventive measures which are continuously being adapted to the current situation.

It is also of particular importance that AMAG should continue to receive supplies of input materials in order to maintain its ability to deliver. AMAG is strategically very well positioned in this respect. In Ranshofen aluminium scrap covers around 75 % of input material needs.

Thanks to its ultramodern environmentally friendly recycling facilities, AMAG is also very well placed in this area, and is not reliant on suppliers outside of Europe.

"The Austrian facility for short-time working coupled with a sound financial base and a stable ownership structure will together safeguard valuable jobs at AMAG, particularly in times of crisis. Our thanks are due in particular to all our employees for their commitment, particularly those who work day in, day out in production and who make a decisive contribution to the security of supplies in Austria," commented Gerald Mayer, CEO of AMAG Austria Metall AG.

In view of the uncertainties that exist, it is currently not possible to make a reliable estimate of the impact of the present crisis on results for the year 2020.

end of announcement euro adhoc

issuer: AMAG Austria Metall AG
Lamprechtshausenerstraße 61
A-5282 Ranshofen
phone: +43 7722 801 0
FAX: +43 7722 809 498
mail: investorrelations@amag.at
WWW: www.amag-al4u.com
ISIN: AT00000AMAG3
indexes: ATX BI, VÖNIX, WBI, ATX GP
stockmarkets: Wien
language: English

Digital press kit: http://www.ots.at/pressemappe/12432/aom

Rückfragen & Kontakt:

Investor contact:
Felix Demmelhuber
Head of Investor Relations
AMAG Austria Metall AG
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2203
Email: investorrelations@amag.at

Media contact:
Leopold Pöcksteiner
Head of Group communication and marketing
AMAG Austria Metall AG
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2205
Email: publicrelations@amag.at

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