Umicore sees 25% fall in automotive demand across cobalt businesses
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...