The company “LIPAR PIPEWORKS TZIRAKIAN PROFIL SA.” at the urging of the Hellenic Capital Market Commission, by letter dated 24/02/2022, to inform the investing public about the report of domestic listed companies in the countries involved, Ukraine and Russia, but also to reflect the effects of recent developments announces The following:
The countries involved, Ukraine and Russia, are important sources of raw material production for both the world market and the domestic steel industry. The Company has been supplying steady and for many years, raw materials from the above steel markets, covering part of its needs.
In the year 2021 the Company covered from the above markets only 17% of its needs in steel, while the proportion of its retained reserves amounts to 3% of its Assets.
During the current year, the Company, monitoring the escalation of the intensity, throughout the previous period, took protection measures by strengthening the dispersion of its supplies in raw materials from other countries.
It is further noted that the Company does not make sales in the markets of the countries involved and therefore does not expect an immediate loss of sales from the intensity that has been caused.
As the war between the countries involved develops rapidly, the extent and duration of its business and economic implications are difficult to predict and the full range of potential consequences for the world economy is difficult to predict at this stage.
Source: Capital
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