March 23, 2020 / 5:25 PM / 10 days ago

Voestalpine introduces short-time work in four countries

VIENNA, March 23 (Reuters) - Specialty steelmaker Voestalpine said on Monday it would introduce shorter working hours in around 50 European group companies in Austria, Germany, Belgium, and France.

“As a result of massive reductions in capacity and current production shutdowns in the automotive, aerospace, mechanical engineering, and oil & natural gas industries, in just a few days demand in the key Voestalpine customer segments has collapsed,” the Austrian company said.

Voestalpine will implement alternative measures as appropriate in countries where no short-time work models are available.

Several sites in countries including France, Italy, Peru, Brazil, and the United States had already been temporarily closed. (Reporting by Kirsti Knolle; Editing by Jan Harvey)

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