Shopping Cart

Corona Virus Hits Metal Industry, NorNickel Reducing Income Goals

Highnorthnews - 2019 became another record year for the Russian industrial giant NorNickel, world leader in production of nickel, palladium and also a giant in copper and platinum.

Late February, the company announced that last year’s income increased by 16 percent compared to the year before. Production has increased, as has prices on nickel and palladium.

The operating result reached a whopping USD 7.9 billion.

Drop in demand
The company a.o. operates nickel extraction on the Kola Peninsula and is owner of the very polluting Nikel plant, just a few kilometers from the Norwegian border.
However, NorNickel is now reducing its own expected prognosis for 2020 due to the outbreak of the corona virus in China, or the covid-19 as it is also referred to.

Demand has dropped for several metals, such as nickel and copper. Nickel is, amongst others, used to producing batteries, whereas copper is important in IT and the communications industry.

Due to insecurities related to the duration of the epidemic and the final health effect thereof, we are at present not able to quantify its effect on the demand for and supply of copper, nor can we estimate how long it will take the market to recover, says NorNickel in a statement.

The company further announces that if the virus outbreak is under control by the end of March, it is fair to assume that “the loss in consumption can be recovered within the year, given that China has ample capacity available in the entire copper-demanding value chain”, Reuters says.

Continue reading...

Coronavirus Exposes How Much Global Steelmakers...
Older post
Mining, Minerals & Metals begins first day of d...
Newer post
T-SHIRTS & BLOUSES
Sweatshirts
BLACKERY PRESENT NEW COLLECTION 2019

This is Photoshop's version of Lorem Ipsum. Proin gravida nibh vel velit auctor aliquet. Aenean sollicitudin, lorem quis bibendum auctor, nisi elit consequat ipsum.


Morbi accumsan ipsum velit. Nam nec tellus a odio tincidunt auctora ornare odio. Sed non mauris vitae erat consequat auctor eu in elit. Class aptent taciti sociosqu ad litora torquent per conubia nostra. , per inceptos himenaeos. Mauris in erat justo. Nullam ac urna eu felis dapibus

This is a cookie agreement request — you can customize it or disable on the backoffice. Cookies help us to provide you the best experience using our website.

Client service

OUR CONTACTS:

We're available by phone (877) 350-0771 every day from 9 am. - 9 p.m. ET.

HOURS: Monday - Friday 8AM - 5PM
Saturday - Sunday Online
Holidays Online

(877) 350-0771

support@metals.com

1420 Kettner Blvd #100 San Diego, CA 92101

PAYMENTS:

Credit Card: Visa, MasterCard, Maestro, American Express

Back To Top
Do you like any template? Apply its settings to your store — just select the template you like and press the «Apply» button of the desirable one. Templates can be switched at any time.
Applying a new template overrides the settings. Press «Copy» and paste it into any text file to save your current settings.

Export

Import

Import