Float group’s operational status update
NSG has delayed the announcement of its consolidated financial results to 22 May, as the group continues to respond to the impact of the global Covid-19 pandemic. According to an NSG statement, the organisation’s operational status remains fluid and changes daily, while emphasising there is no immediate issue with the supply of fuel and raw materials.
In the automotive business, operations have been adjusted to the level of vehicle production in each region. In anticipation of a volatile rebound of demand, the group is carefully preparing for a safe and flexible restart.
Almost all key operation sites in Europe and the Americas are suspended except in Finland but many are preparing for a restart in early May, in line with the planned restart of vehicle manufacturers’ production.
In Asia, most sites have been operating at reduced utilisation levels. Malaysia, which has been affected by a lockdown, was expected to resumed production in late April.
The architectural market situation is varied depending on the region and product. Demand for architectural glass started to decline in late March but solar glass demand remains positive.
The utilisation of float lines is also affected by a reduction in automotive glass demand. In Europe and the Americas, two float lines are on hot hold and several other lines are operating at reduced utilisation.
However, others are continuing normal operations, with solar glass lines fully loaded. In Asia, Malaysia is preparing for a restart after production was temporarily stopped because of lockdown. The two solar lines in Vietnam are fully loaded.
The group is taking steps to secure liquidity, including the suspension of all but the most critical capital expenditure projects, including the temporary suspension of new capacity in Argentina.