Halyvourgiki Hellenic Steel Industry S.A. (Greek: Χαλυβουργική–Ελληνική Βιομηχανία Χαλκού Α.Ε.) was one of the main steel producers in Greece, and the second largest after Viohalko.[1]
 | |
| Company type | Anonymi Etairia |
|---|---|
| Industry | Metals, manufacturing |
| Predecessor | Angelopoulos family |
| Founded | 1925 |
| Defunct | 2020 |
| Headquarters | , |
Key people | Giorgos Varoufakis (Executive Chairman) Giorgos Skindilias (CEO) |
| Products | Construction Copper Aluminium Steel |
Number of employees | 600-700 (2006)
263 (2012) 170 (2018) |
| Website | www |
History
editHalyvourgiki Hellenic Steel Industry S.A. was established in 1925[2] as a trading company.[citation needed] It moved into wire production in 1932, and steel production in 1938.[citation needed]
Production was modernized and expanded after World War II, with the company moving production into a new factory in Elefsina in 1953.[citation needed] The following years were its "golden age", as a construction boom connected with the Greek economic miracle lead to a huge increase in demand for steel.[citation needed] During the 1960s and 1970s, the firm was the only vertically-integrated steelmaker in Greece.[2]
Halyvourgiki faced serious economic problems during the economic crisis of the late 1980s and early 1990s in Greece, but managed to survive following a modernization program, which involved adding new products and technologies to the company.[citation needed]
Downfall
editIn 2012, the company experienced a dramatic downfall in production, with sales falling 70.62%.[3][4] In 2012, the firm owed financial institutions over €1 billion.[4] In February 2014, following a drastic drop in the demand for steel in Greece, and high energy costs, the company halted steel production, and suspended 200 of its remaining 263 workers.[4][5] Prior to that, 148 workers voluntarily retired.[5]
In 2015, the company permanently ceased production, but continued to operate for the sake of its employees.[2][6] In a 2018 interview with the head of the worker's union president, he stated that he had not seen the company's owner, Konstantinos Angelopoulos, in two years.[3] By 2018, the union stated that the firm employed 170 workers, who worked three days a week, down from an estimated 600 to 700 workers in 2006.[3] As of 2018, Halyvourgiki was more than €400 million in debt to private banks and the Greek public sector, and was unable to service its debt since 2016.[3]
References
edit- ^ Η Ελληνική Χαλυβουργία γιγαντώθηκε Kathimerini newspaper, 5 December 2006.
- ^ a b c Chrysopoulos, Philip (2018-12-18). "Greek Steel Giant Xalyvourgiki Shuts Down After 83 Years". Greek Reporter. Archived from the original on 2019-09-01. Retrieved 2020-11-09.
- ^ a b c d "Χαλυβουργική: "Είδαμε τον Κ. Αγγελόπουλο, εισπράξαμε μόνο σιωπή" - Τι αποκαλύπτει ο Πρόεδρος του Σωματείου Εργαζομένων". mononews (in Greek). 2018-11-28. Archived from the original on 2019-02-28. Retrieved 2020-11-09.
- ^ a b c Menzel, Konstantinos (2014-02-13). "Greek Steelworks Suspends 95% of Employees". Greek Reporter. Archived from the original on 2015-11-03. Retrieved 2020-11-09.
- ^ a b "Greek steelworks face extinction". Neos Kosmos. 2014-02-24. Retrieved 2020-11-09.
- ^ "Halyvourgiki steel producer grinds to a halt | Kathimerini". Kathimerini. Retrieved 2020-11-09.
External links
edit- Official website (in English)
- Official company website (in Greek)