VSMPO-Avisma cuts 2020 production guidance by 30% over COVID-19
MOSCOW, Apr 20 (PRIME) -- Russian titanium giant VSMPO-Avisma has reduced the forecast for output of titanium products by about 30% to 26,500 tonnes in 2020 due to the spread of coronavirus, which slashed air transportation fell by 90%, the company said in a statement on Monday.
Demand for new aircraft and aircraft repairs plummeted, and the key customers of VSMPO-Avisma almost suspended production.
"The situation prompted corporation VSMPO-Avisma to revise 2020 production programs, cutting the amount of titanium goods to 26,500 tonnes from planned 39,000 tonnes. Avisma’s production of titanium sponge is to fall from 44,000 tonnes to 35,000 tonnes a year," the company said.
VSMPO-Avisma will postpone investment projects, try to keep staff. The company offered the employees to consider a shorter working week.