Halyvourgiki Hellenic Steel Industry S.A. () was one of the main steel producers in
Greece
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
, and the second largest after
Viohalko.
History
Halyvourgiki Hellenic Steel Industry S.A. was established in 1925
as a trading company. It moved into wire production in 1932, and steel production in 1938.
Production was modernized and expanded after
World War II
World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
, with the company moving production into a new factory in
Elefsina
Elefsina () or Eleusis ( ; ) is a suburban city and municipality in Athens metropolitan area. It belongs to West Attica regional unit of Greece. It is located in the Thriasio Plain, at the northernmost end of the Saronic Gulf. North of Elefsina ...
in 1953. The following years were its "golden age", as a construction boom connected with the
Greek economic miracle
The Greek economic miracle (Greek: Ελληνικό οικονομικό θαύμα) describes a period of rapid and sustained economic growth in Greece from 1950 to 1973. At its height, the Greek economy grew by an average of 7.7 percent, seco ...
lead to a huge increase in demand for steel. During the 1960s and 1970s, the firm was the only vertically-integrated steelmaker in Greece.
Halyvourgiki faced serious economic problems during the economic crisis of the late 1980s and early 1990s in Greece, but managed to survive following a modernization program, which involved adding new products and technologies to the company.
Downfall
In 2012, the company experienced a dramatic downfall in production, with sales falling 70.62%.
In 2012, the firm owed financial institutions over €1 billion.
In February 2014, following a drastic drop in the demand for steel in Greece, and high energy costs, the company halted steel production, and suspended 200 of its remaining 263 workers.
Prior to that, 148 workers voluntarily retired.
In 2015, the company permanently ceased production, but continued to operate for the sake of its employees.
In a 2018 interview with the head of the worker's union president, he stated that he had not seen the company's owner, Konstantinos Angelopoulos, in two years.
By 2018, the union stated that the firm employed 170 workers, who worked three days a week, down from an estimated 600 to 700 workers in 2006.
As of 2018, Halyvourgiki was more than €400 million in debt to private banks and the Greek public sector, and was unable to service its debt since 2016.
References
External links
Official websiteOfficial company website{{in lang, el
Steel companies of Greece
Defunct manufacturing companies of Greece
Manufacturing companies established in 1925
2020 disestablishments in Greece
Greek brands
Greek companies established in 1925