The coronavirus pandemic has already hit the heart of the European economy. Widespread closures of car-manufacturing sites across Europe
, as well as shutdowns and capacity cuts in the aerospace, mechanical engineering, and oil and natural gas industries have axed demand in Voestalpine’s key customer segments.
Voestalpine applied the short-term work model offered by the Austrian Federal government - enabling a temporary reduction in normal working hours for almost all of its companies in Austria - and will apply similar models across its sites in Europe.
“The actual extent of short-time work will become clear over the next few weeks and will be...