Global aluminium producer Constellium reported a 25pc drop in its second quarter (Apr-Jun) shipments and a 15pc drop in its first half yearly shipments, from the respective prior-year periods.
The company, headquartered in Paris, shipped 310,000mt of aluminium products in the second quarter, down from 413,000mt in the prior-year period. In the first half of the year, the company shipped 703,000mt, down from 826,000mt in the first half of 2019.
Constellium’s shipments of packaging and automotive rolled products dropped by 23pc to 221,000mt in the first quarter, and by 13pc to 490,000mt in the first half of the year, from the prior-year period. The company’s shipments of aerospace and transportation related products dropped by 28pc to 45,000mt in the second quarter and by 19pc to 104,000mt in the first half of 2020.
The largest drop in demand, and hence shipments, was of automotive and industry products, down by 33pc to 44,000mt in the second quarter and down by 17pc to 109,000mt in the first half of the year, as the global automotive industry was affected by COVID-19 related operational shutdowns.
Constellium had withdrawn its yearly guidance at the end of its first quarter amid global demand uncertainties created by the COVID-10 pandemic. The company, however, expects to generate positive Free Cash Flow in 2020.