EANS-News: Demand depressed by corona crisis: AMAG Austria Metall AG introduces short-time working from 1.4.2020 CNE

Thursday, 26. March 2020 17:23
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide
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Company Information

Ranshofen -

* Downturn in orders particularly from the automotive industry
* BMI classifies AMAG as systemically relevant to supply Austria's population
* Extensive measures in place to protect employee health and safeguard
* Impact of corona crisis on results not yet foreseeable at this time

(BMI: Federal Ministry of the Interior)

The worldwide corona pandemic is meanwhile having a marked effect on demand for
AMAG products. Plant closures in the automobile industry in particular as well
as declines in mechanical engineering and construction necessitate adjustments
in capacity. Demand for packaging input material remains stable.

AMAG is therefore applying for its Ranshofen plant to go onto short-time working
with effect from 1.4.2020 in order to respond flexibly to the expected
fluctuations in utilization and at the same time safeguard jobs.

As a major supplier of aluminium strip used in the packaging of medicines, foods
and animal feeds, AMAG is classified by the Federal Ministry of the Interior as
part of the "critical infrastructure" required to supply the Austrian
population. The central challenge is therefore to safeguard the health of the
workforce and at the same time guarantee supplies of AMAG aluminium products to
the processing industry.

In order to protect its employees, immediately following the first appearance of
the disease in Austria, AMAG introduced preventive measures which are
continuously being adapted to the current situation.

It is also of particular importance that AMAG should continue to receive
supplies of input materials in order to maintain its ability to deliver. AMAG is
strategically very well positioned in this respect. In Ranshofen aluminium scrap
covers around 75 % of input material needs.

Thanks to its ultramodern environmentally friendly recycling facilities, AMAG is
also very well placed in this area, and is not reliant on suppliers outside of

"The Austrian facility for short-time working coupled with a sound financial
base and a stable ownership structure will together safeguard valuable jobs at
AMAG, particularly in times of crisis. Our thanks are due in particular to all
our employees for their commitment, particularly those who work day in, day out
in production and who make a decisive contribution to the security of supplies
in Austria," commented Gerald Mayer, CEO of AMAG Austria Metall AG.

In view of the uncertainties that exist, it is currently not possible to make a
reliable estimate of the impact of the present crisis on results for the year

Further inquiry note:
Investor contact:
Felix Demmelhuber					
Head of Investor Relations		
AMAG Austria Metall AG				
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria			
Tel.:   +43 (0) 7722-801-2203 			 
Email: investorrelations@amag.at

Media contact:
Leopold Pöcksteiner	
Head of Group communication and marketing
AMAG Austria Metall AG				
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria			
Tel.: +43 (0) 7722-801-2205 			 
Email: publicrelations@amag.at

end of announcement                         euro adhoc

issuer:       AMAG Austria Metall AG
              Lamprechtshausenerstraße 61
              A-5282 Ranshofen
phone:        +43 7722 801 0
FAX:          +43 7722 809 498
mail:         investorrelations@amag.at
WWW:          www.amag-al4u.com
ISIN:         AT00000AMAG3
indexes:      ATX BI, VÖNIX, WBI, ATX GP
stockmarkets: Wien
language:     English

EAX0022    2020-03-26/17:23

Related Links: AMAG Austria Metall AG
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