BRIEF-Steel & Tube Holdings Says Impact Of Covid-19 To Have Considerable Impact On Sales In 2H20

BRIEF-Steel & Tube Holdings Says Impact Of Covid-19 To Have Considerable Impact On Sales In 2H20

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 IMPACT OF COVID-19 EXPECTED TO HAVE A CONSIDERABLE IMPACT ON SALES IN 2H20

* EXPECTED SIGNIFICANT REDUNDANCIES ALONG WITH OTHER IMPAIRMENT COSTS WILL IMPACT 2H20

* BOARD, CEO AND EXECUTIVE TEAM HAVE TAKEN VOLUNTARY REDUCTIONS IN REMUNERATION OF BETWEEN 20% AND 30%

* ALL NON-ESSENTIAL CAPITAL AND OPERATING SPEND HAS BEEN CANCELLED OR DEFERRED

* ACCELERATED A RESTRUCTURE OF COMPANY TO ENSURE A COST BASE THAT IS FIT FOR PURPOSE

* CHANGES WILL IMPACT ON JOBS AND RESULT IN 150 – 200 REDUNDANCIES

* LEASE COSTS HAVE BEEN SIGNIFICANTLY REDUCED DURING SHUT-DOWN PERIOD Source text for Eikon: Further company coverage:

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