The Future of Heavy Industry - Focus on Metals Manufacturing - Trends & Developments in the Greek Market - assets.kpmg
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The Future of Heavy Industry – Focus on Metals Manufacturing Trends & Developments in the Greek Market kpmg.com/gr
Contents
Sector & Segment Demand 3 Basic Metals Future Outlook 15
Industrial Sector Structure 4 Trends 16
Heavy Manufacturing Indices 6 Transformation Pillars 17
Basic Metals Structure, Size and Growth 7 Disruption Dynamics 18
Pricing Considerations 8 Global Key Players 20
Financial Trends 9
Sub Segment Key Takeaways 10
Our Industrial Sectors team
of local experts 22
Sector & Sub Segment Supply 11
Basic Metals Market Players 12 Our Industrial Sectors team
Financial Overview 13 of international experts 23
Main Challenges 14
2 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Sector & Segment Demand
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Industrial Sector Structure
Heavy & light manufacturing split within the Greek market
Greek Industrial Sector
Heavy Manufacturing Segment
Sales 2019 Euro billion
Metals Manufacturing 4 230 Heavy manufacturing
Chemicals 2 434 is defined as a:
Fabricated metal products 1 440 Highly capital intense, producing
large sized items, predominantly
Non-metallic mineral products 1 275 traded through B2B channels
and used as primary or
Mining/Quarrying 743
intermediary materials for the
Machinery & equipment 498 final product.
Primary Textiles 429
Wood & Cork 209
Automotive 94 TOTAL
Leather 53 Euro 11.4 billion
Sources: Companies published financial data
4 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Industrial Sector Structure
Heavy & light manufacturing split within the Greek market
Greek Industrial Sector
Light Manufacturing Segment
Sales 2019 Euro billion
Food products 9 290 Light manufacturing
Rubber and Plastics 1 594 is defined as a:
Beverages 1 444 Less capital intense process
producing smaller sized
Paper & paper products 1 263
items that are predominantly
Electrical & electronic equipment 956 consumer oriented and mostly
Tobacco products 550 assembly oriented if included in
the production process.
Wearing apparel (incl. leather) 438
Printing & recorded media 413
Furniture 280
Electrical & electronic equipment 240 TOTAL
Other manufacturing 118 Euro 16.6 billion
Sources: Companies published financial data
5 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Heavy Manufacturing Indices
Price & production
Heavy Manufacturing is showing clear signs of recovery Production Price Index (PPI)*
2016 2017 2018 2019 2020 2021
2017 67%
Industrial Capacity
98.9 99.9 100.1 100.2 100.1 101.8
Utilization remained *excl. energy
below 70% level
The Producer Price Index represents the average
2020 72%
Capacity Utilization
movement in selling prices of domestic production
over time (base year 2015). The Greek industrial
sector remains attractive and continues to offer
products at competitively low prices, since the PPI
surpasses 70% experienced minor growth in the past six years.
levels just before the
COVID-19 outbreak
Industrial Production Index (IPI)*
2016 2017 2018 2019 2020 2021
May
2021 77%
Capacity Utilization
98.8 104.9 106.4 103.5 100.6 104.3
*Mining & Manufacturing
reaches 77% levels
The Industrial Production Index measures levels of
real output and capacity (base year 2015). Demand
for industrial goods is strong again in Greece,
as the IPI has recovered in the last 3 years and
Sources: Companies published financial data capacity utilization has reached 77% levels.
6 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Basic Metals Structure, Size & Growth
The basic metals sub-segment within the Greek economy
The basic metals industry includes the manufacturing of copper, iron, steel, aluminum and other intermediate metal goods.
Steel girders, aluminum sheets and copper wire are some of the products the basic metals industry produces.
The Basic Metals Industry turnover is During 2019, Basic Metals production The Sub-sector is
on the rise with a Compound Annual contributed 0.63% towards the Greek GDP. an important
Growth Rate of 6.2% from 2013 to Metals exports (including ores) comprised employer for the
2019. This is largely due to increased 8.4% of total Greek exports, the second Greek economy as in
exports and significant infrastructure largest export category after mineral 2021 the industry directly occupied
projects. products. more than 20 thousand individuals,
which is 0.5% of Greece’s total
workforce. Nevertheless, the
subsegment is highly dependent on:
Basic Metals Annual Turnover Growth Basic Metals GDP Contribution per Annum (%)
—The energy and mining industries
0.66 0.69 0.63 due to production significance
2 953 0.55 0.58 0.60 0.58
—The construction industry since it
3 210 strongly defines sales
3 317 —Local and international legislation,
3 233 as they may define both sales and
3 912 2013 2014 2015 2016 2017 2018 2019
cost
4 522 Source: Companies published financial data
4 230 Employees Occupied in Basic
0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Metals Manufacturing (k)
Basic Metals Exports Contribution per Annum (%) +5%
Other (e.g. Gold, Silver, Nickel) Basic iron, steel and ferro-alloys
9.41 9.05 25 21
Copper Aluminium 8.85 8.62 8.41 19
21 20 20
7.28 7.73 20 18
15
Source: Companies published financial data 15
10
5
2013 2014 2015 2016 2017 2018 2019 0
2015
2016
2017
2018
2019
2020
2021
Source: World Bank
7 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Pricing Considerations
Cost of metals & energy amidst the pandemic
Raw material and energy constitute a major expense for companies within the subsegment. More specifically, price fluctuations of
these production constituents have a major impact on operations.
Basic Metals prices during the pandemic
Aluminium ($/mt) 3 Copper ($/tn) 3
Metals The price of raw materials (scrap metal & ore), has increased
sharply amidst the pandemic. From the start of the pandemic
till June 2021 the price of aluminium increased 44%, of 3 000
+44%
15 000
+79%
copper 79%, of Iron 137% and of steel scrap 75.6%. 2 000 10 000
This is mainly due to: 1 000 5 000
—Production and transportation of metals being initially 0
Jan Jan
0
Jan Jan
disrupted thus hindering supply Jan 2019 2020 2021 Jan 2019
2020 2021
—Consumers spending shift from services to goods that
could require metals as raw materials. Such products
include home appliances and outdoor equipment Natural Gas (NYM $/MMBtu) 1 Iron ($/dmtu) 3
—A sharp increase in freight rates for the transportation of
+39,8%
bulk material as key ports were congested, quarantine 4 300 +137%
restrictions and challenges regarding ship crewing 200
2
—Policy changes from major production territories such as 100
China and Russia 0
Jan Jan Jan 0
2019 2020 2021 Jan Jan
Jan 2019
2020 2021
Energy For metal manufacturing companies, energy can represent
up to 40% of the total operating cost. Taking that into
consideration, COVID-19 disruptions that led to an increase
Steel Scrap ($/tn) 4 Crude Oil (NYM $/bbl)1
+75,6% +35,1%
in the price of resources used for energy production will 600 80
significantly impact the sector. Since the start of the 400 60
pandemic, till June 2021: 40
200
—Natural gas price has increased more than 39% 20
—Coal price has increased around 144%2 0 0
Jan Jan Jan Jan Jan Jan
—Oil prices are around 35% higher 2019 2020 2021 2019 2020 2021
Sources: Nasdaq1, Business Insider2, World Bank3, London Metals Exchange4
8 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Financial Trends
The two sides of the Greek basic metals sub segment
Sales
—From 2015 to 2019, sectoral sales have increased 2013 2 953
around 27.5%¹. For that period the spike in sales can 2014 3 210
be attributed to a stronger sectoral export activity 2015 3 317
that increased 3.5%² and infrastructure investment of 2016 3 233
approximately Euro 12.5 billion
2017 3 912
—Within the next decade, planned large-scale projects 2018 4 522
worth more than Euro 21.5 billion will boost sectoral 2019 4 230
sales. However, large-scale projects could also cause 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000
sudden spikes in local demand that would test the
production and transportation capacity of the sub Other (e.g. Gold, Silver, Nickel) Basic iron, steel and ferro-alloys
segment Copper Aluminium
Debt & Liquidity
—Sectoral debt swells every year with bank liabilities —Despite increased debt, an additional 20% of companies
increasing 122% from 2015 to 2019. Tough competition, managed to cover their interest payments in 2019 than
increasing cost of metals used in production and great in 2015. This change could be attributed to the 27.5%
cost of replacing machinery/ expanding production pushed increase in total sub segment turnover and 54% decrease
organisations to seek liquidity from financial institutions or in the average cost of debt3, 4
the market3, 4
Sources: Companies published financial data¹, Observatory of Economic Complexity², KPMG Analysis3, Company annual reports4
9 The Future of Heavy Industry © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals Manufacturing
Basic Metals Manufacturing
Key takeaways
Economy Booster Upcoming Mega-Projects
The basic metals industry is one of the top earners, Local Mega-Projects that will require vast amounts of
exporters and important employers for the Greek resources shall test the sub segment’s production and
economy. transportation capacity because of higher demand.
Price volatility of Primary Materials
Manufacturing Powerhouse COVID-19 disruptions have led to a sharp increase
Manufacturing and fabrication of metals makes up in the price of primary materials. As primary
the largest heavy manufacturing sub segment in materials constitute a major expense, companies
Greece with sales of Euro 5.7 billion. are now facing the challenge to maintain their
profitability and continuous operations.
Price volatility of Electricity
Growth Factors Electricity is another major expense for production. The
Large scale projects and exports are the driving force
recent rise in its price further adds to the prementioned
for the sub segment’s growth.
challenge.
Price Fluctuations Competitive Product
COVID-19 supply chain disruptions, environmental The Production Price Index ascending course
concerns, ambitious infrastructure projects and confirms that the Greek industrial sector remains
trade policies shape metal prices, largely pushing attractive and continues to offer products at
them upwards. competitive prices.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingSector & Sub Segment Supply
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingBasic Metals Market Players
Areas of focus for the market’s key players
Type of metal manufactured by key players The metals value chain
Copper Viohalco
Viohalco
Mytilineos Holdings
Mining Refining Extraction Casting Rolling, Further
Aluminium Alumil
Exalco Extruding, processing /
Cosmos Aluminium Forging assembly
Viohalco
Iron & Viohalco
Helliniki Halyvourgia
Steel Elastron Mytilineos
Alumil
—Large players are focused on Aluminium, iron,
steel & ferro alloys and copper Exalco
—Most players produce one type of metal Cosmos
(aluminium or iron, steel & ferro-alloys) apart Aluminium
from Viohalco which produces all 3 metals and
dominates the copper market Elastron
—Through Aluminium of Greece, Mytilineos is the Helliniki
most vertically integrated player, with strong Aluminium
Halyvourgia
presence in mining, refining and extraction of Iron, Steel &
aluminium Ferro-alloys Viohalco
—Other players are more focused on processing Copper
metals into standard shapes or mechanisms Viohalco
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingFinancial Overview
Size and financials of key players
Market Size Revenue (top 7 players) CAGR (2015-2019) | Revenue (2019) |
% EBITDA (2019)
Euro million
2%
2% 7% 6.0 % EBITDA Revenue
2%
5.6 30
3% 5.5
23% 5.5
3% Aluminium 25
5.0 4.8 20
5,78 BN*
4.4 4.2
10% 15
4.5 4.3
4.2 3.7 10
Metals Revenue
(2019) 3.3 3.1 5
28% 1.0 0.6 0.6
21% 0.6 0.1 0.6 0.1 0.5 0.1 0.2
0
Copper -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Ferro Alloys 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.1
0.5
0.1 0.1 0.1 0.1 0.1 0.1 0.1 CAGR %
0.1 0.1 0.1 0.1 0.1 0.1 —Mytilineos SA’s profitability (EBITDA margin %)
0.0
2015 2016 2017 2018 2019 significantly deviated from the average 6% of the
industry as it managed to increase profitability
—The “Basic Metals” market, consisting of metal —The industry has experienced continuous growth from 14% in 2016 to 28% in 2019. This was
manufacturing and fabricated metal products, is reaching a peak in 2018 and experiencing a achieved by a) restructuring its organisation,
highly concentrated 28% increase in revenue from 2015-2019. This overall benefitting from group synergies and
—Due to the nature of the industry (very capital is mainly due to revenue growth by Viohalco. b) capitalizing on its mining facilities to hedge
intense) this attribute is expected During this period Viohalco increased production against and benefit from rising metal prices
—The main metals produced are Aluminium, Iron capacity, secured large customer orders and —Companies with smaller revenue have higher
alloys and Copper with players such as Viohalco developed a strong exporting activity CAGR% than the two largest players. Elastron
producing a variety of metals —Throughout this period, the industry is dominated has the highest CAGR 12.56%. Exalco, Cosmos
—The market is largely dominated by Viohalco by 2 large players Aluminium and Helliniki Halyvourgia follow with
which claimed 72% market share in 2019, around 10%, while Viohalco and Mytilineos have
followed by Mytilineos Holdings with 10% lowest for the period
market share. The rest of the competition
comprises the other 18% of the market Viohalco Helliniki Halyvourgia EXALCO Elastron
Mytilineos Holdings Alumil COSMOS ALUMINIUM Other
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingMain Challenges
Challenges faced by key players in the basic metals
manufacturing subsegment
Hindered access to raw material Economies of scale
(a) Supply chain disruptions caused by COVID-19 and
Local demand is not currently adequate for companies
(b) policy changes regulating metals production and
to realise greater economies of scale to match top
trade have hindered the sector’s ability to source
international peers.
material.
Payments Obligations Availability of Transportation
More than 50% of companies could face difficulties Seasonality of sales and disruptions (such as
settling payments due to decreased liquidity and COVID-19) periodically cause a shortfall in the
larger debt obligations. means of product transportation.
Debt Obligations Quality concerns
Debt in the sector has been piling up throughout the
Companies in the sector find it increasingly difficult to
years. Companies are called to maintain a sustainable
procure high-grade scrap to meet final product quality
level of debt amidst (a) rising production cost and (b)
requirements.
required investments to satisfy future demand.
Transformation Oriented
Workforce Availability Companies, such as Mytilineos, that are focused
Companies have troubles locating and recruiting on reshaping their organisation, are sturdier
specialized personnel for the factory floor. in absorbing price fluctuations, retaining their
profitability and exhibit greater fulfilment flexibility.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingBasic Metals Future Outlook
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingTrends
Trends within the basic metals manufacturing subsegment
The Basic Metals manufacturing subsegment is going through a transitional phase, driven by innovation and industry dynamics
Environmental, Automation Production Practices Workforce Agility
Sustainability & The pandemic highlighted Metallurgy companies Human capital in the
Governance the need for companies are bound to continue to Greek metal industry
Greek metal to reduce operational invest in manufacturing follows an upward trend
manufacturers are disruptions and lower automation equipment and in the last decade while
committed to invest supply-chain risks. Leading technologies supporting some manufacturers have
strategically in the metal manufacturers in digital development. New embraced automation
local and global goal of Greece have shifted their production practices such to deal with trained
sustainable development. center of attention to as automated paint and workforce shortage in
They have increased automation and linked their pre-lubrication lines are areas such as process
their focus on ESG ERP and CRM systems expected to result to optimization.
initiatives (green agenda, to properly evaluate their increased capacity and a
sustainability code, etc.), supply constraints and wider available range in
contributing to Greece readjust their supply aluminium / steel products.
being the European Union networks.
(EU) member country with
the most significant annual
drop in carbon emissions
in 2020.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingOpportunities & Concerns
Overview of what the sub segment considers as an opportunity & concern
Basic Metals manufacturing has exhibited remarkable resilience in Greece during the past few years.
Opportunities Concerns
ESG Reinventing High-Priced Products Introversion
Greek metal manufacturers Production Model Greek metal manufacturing is Some smaller and medium
should shift their focus to The disruption caused by the highly dependent on external sized companies of the
decarbonization and the green pandemic forced the domestic (commodity prices, energy domestic metals industry
agenda. Companies that will metals industry to consider cost, etc.) and internal factors are struggling to regain their
proactively tackle ESG issues reinventing their manufacturing (lack of economies of scale, competitiveness only through
may strengthen their corporate model and examine options labour cost) and generates cost control and workforce
brand and gain a competitive such as additive manufacturing high-priced final products. productivity, ignoring other
edge in such as access for or incorporating/upgrading the transformation paths.
capital. automation process, etc.
After a turbulent era, leading
Greek industry players are Commodity price & volatility and
focusing on reducing costs, cost of energy continue to be the
integrating technologies (such as leading concerns for the metal
connected automation) to drive manufacturing industry.
growth and increase productivity.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingDisruption Dynamics
Driving forces behind the transition of basic metals manufacturing
Basic metals manufacturing in Greece is in “smart” transition…
The evolution of digital technologies has fundamentally changed the way metal manufacturing plants operate. Facilities are becoming
increasingly interconnected, paving the way to the factories of the future.
Robotics & AI Connectivity Data Systems
Leading Greek steel Combined design and Information exchange of robotics
manufacturers have integrated interconnection of technology, and management offers significantly
automation and high-precision robots, software and mechanical/ better production control while
tools in their production line and electrical equipment are key reducing operating costs and leads
have managed to form a fully components to increase steel to the creation of “smart“ plant
interconnected production productivity and ensure facilities that provide steel
process, which offers useful consistent product quality. products of added value.
information and data
across its factories.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingBasic Metals Future Outlook
Global Market Demand & Production
Metal production is ready to meet increasing global demand…
Additional
Urbanization Technology
Income
City developments have led to Rising income in Asia stipulates Due to technological advancements,
increased commodity consumption that all major metal markets are set the primary production process has
which is project to only grow. to increase in size within the next grown significantly more efficient,
Growing demand from the 15 years. Aluminium and nickel will offering metals at competitive prices
construction industry, energy lead the way, their use is going to that are bound to increase demand.
revolution with electric vehicles being intensify. Copper has been lagging
at the forefront and expansion of but is expected to recover.
public transport network will further
increase basic metals demand.
Production
Steel Aluminum Copper
1 880M Tones 64M Tones 20M Tones
2020 Global Data
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingGlobal Key Players
Basic Metals Global Key Players
Global players production segments
Aluminium Iron & Steel Copper
Major global
1. Baowu 1. Baowu 1. Rio Tinto players are
2. Novelis 2. ArcelorMittal 2. BHP focused on
aluminium, with
3. Arconic 3. HBIS 3. Grupo Mexico a plethora of
4. Alcoa 4. Nippon Steel & 4. First Quantum contestants.
5. East Hope Group Sumitomo Metal Minerals
6. Company Limited Corporation 5. KGHM Polska
7. Norsk Hydro 5. Hebei Iron and Miedz Most companies
8. Emirates Global Steel Group 6. Norilsk Nickel produce one type
Aluminium 6. Baosteel 7. Codelco of metal apart
from Baowu which
9. Xinfa 7. Wuhan Iron and 8. Glencore produces aluminium
10. Hongqiao Steel Group 9. Freeport- but also dominates
11. Rusal 8. Posco McMoRan Copper the steel market.
12. Chalco 9. Tata Steel Group & Gold
Top 20 metal and
13. Real Alloy 10. JFE Steel mining companies
14. Kaiser account for more than
15. Loften 60% of the global
market, which is
16. JW Aluminum
expected to grow at a
17. Constellium 5% pace in the 2021-
18. Rio Tinto Alcan 2026 period.
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingOur Local & International Experts
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingOur Industrial Sectors team of local experts
Alexandros Veldekis Alexandros Kanonis
Industrial Sectors Lead Partner Industrial Sectors Lead
Audit Expert Supply Chain & Operations Expert
Athens, Greece Athens, Greece
Tel.: +30 210 6062145 Tel.: +30 210 6062315
aveldekis@kpmg.gr akanonis@kpmg.gr
Theodosis Tompras Athanasios Voulodimos
Legal Expert Strategy & Operations Expert
Athens, Greece Athens, Greece
Tel.: +30 210 6062159 Tel.: +30 210 6062226
ttompras@kpmg.gr avoulodimos@kpmg.gr
Konstantinos Gioulountas Lina Maggina Katerina Fatsi
Human Resources Expert ESG Expert Transport & Logistics Expert
Athens, Greece Athens, Greece Athens, Greece
Tel.: +30 211 1815743 Tel.: +30 210 6062368 Tel.: +30 211 1815760
kgioulountas@kpmg.gr imaggina@kpmg.gr afatsi@kpmg.gr
Markos Kontoes Ioannis Plalas Nikolas Togias
Strategy & Operations Expert Strategy & Operations Expert Strategy & Operations Expert
Athens, Greece Athens, Greece Athens, Greece
Tel.: +30 211 1815760 Tel.: +30 211 1815760 Tel.: +30 211 1815760
mkontoes@kpmg.gr iplalas@kpmg.gr ntogias@kpmg.gr
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International Limited, a private English company limited by guarantee. All rights reserved.
Focus on Metals ManufacturingOur Industrial Sectors team of international experts
Stephane Souchet Stephen Cooper Eric Logan
Partner, Global Sector Head, Partner, Global Sector Head, Partner
Industrial Manufacturing, Metals, Metallurgy Expert
KPMG France KPMG UK, KPMG US,
Paris, France London UK Cleveland US
ssouchet@kpmg.fr Stephen.Cooper@kpmg.co.uk ericlogan@kpmg.com
Angelika Huber-Straßer Kaveh Taghi-Zadeh Tammy L. Brown
Partner, Head of Sector, Partner Partner, Head of Sector,
Industrial Manufacturing, Manufacturing Expert, Industrial Manufacturing
KPMG Germany KPMG Germany KPMG Canada
Munich, Germany Munich, Germany Toronto, Canada
ahuberstrasser@kpmg.com ktaghizadeh@kpmg.com tammybrown@kpmg.ca
Brian Heckler Norbert Meyring Jun Okamoto
Partner, Head of Sector, Partner, Head of Sector, Partner, Head of Sector,
Industrial Manufacturing, Industrial Manufacturing, Industrial Manufacturing,
KPMG US, KPMG China KPMG Japan
Orlando US Shanghai, China Tokyo, Japan
bheckler@kpmg.com norbert.meyring@kpmg.com Jun.Okamoto@jp.kpmg.com
Vinodkumar Ramachandran
Partner, Head of Sector,
Industrial Manufacturing,
KPMG India
vinodkumarr@kpmg.com
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Focus on Metals ManufacturingKPMG ATHENS 3, Stratigou Tombra Street PC 153 42 Tel: +30 210 6062 100 Fax: +30 210 6062 111 400B Mesogeion Ave., Aghia Paraskevi PC 153 42 Tel: +30 211 1815 600 Fax: +30 210 6062 111 THESSALONIKI Aghias Anastasias & Laertou, Philippos Business Center P.O. BOX 8405, 57001, Thermi Tel: +30 2310 55 09 96 Fax: +30 2310 54 36 70 e-mail: info@kpmg.gr kpmg.com/gr kpmg.com/socialmedia © 2022 KPMG Advisors Single Member S.A., a Greek Société Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.
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