Constellium is reducing production activities at some of its manufacturing sites to safeguard its employees from COVID-19.
The France-based aluminum maker did not disclose the names of the manufacturing sites where it was reducing operations or their duration, but said operations would resume as soon as market conditions strengthened.
At this time, the company indicated in a statement, it was focusing on reducing the financial impact on the business through improvements in the supply chain and cutting costs wherever feasible.
According to Jean-Marc Germain, chief executive officer, Constellium, the company’s liquidity at the end of last year was close to $569mn with a guidance of strengthening it further in Q1 2020.
Constellium is closely monitoring the situation keeping in mind the health and safety of their employees.