Umicore sees 25% fall in automotive demand across cobalt businesses

By Michael Greenfield, Michael Greenfield
Published: Thursday, 30 April 2020

Demand for Umicore’s products dropped significantly in the first quarter of 2020 due to the Covid-19 outbreak and the producer anticipates global automotive production to slump by 25% this year.

The "coronavirus-induced recession" is "significantly affecting demand in cobalt and specialty materials and precious metals chemistry," the Belgium-headquartered technology company said in its results statement on Thursday April 30. 

The company makes alloyed powders for cutting tools, paint-drying chemicals and coloring agents for ceramics, which are all derived from...

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