China titanium producer Pangang shuts unit as coronavirus circumstances discovered

China titanium producer Pangang shuts unit as coronavirus circumstances discovered

BEIJING, Feb 14 (Reuters) - One in all China's high titanium producers has halted manufacturing at

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BEIJING, Feb 14 (Reuters)One in all China’s high titanium producers has halted manufacturing at its unit in Chongqing after members of employees have been discovered to be contaminated with the brand new coronavirus, an area authorities official stated on Friday.

Pangang Group Vanadium Titanium and Assets 000629.SZ, which produces round 220,000 tonnes per yr of titanium dioxide – used as white pigment in paints, paper, plastics and textiles – subsequently put the power in Chongqing’s Banan district below lockdown, the Banan official stated.

The municipality of Chongqing in China’s southwest borders the virus epicentre of Hubei province, the place the outbreak has thus far killed greater than 1,300 folks.

Native media reported that two circumstances have been confirmed on Pangang’s Chongqing premises, on a Banan industrial park, because it “did not strictly meet … virus management and prevention after returning to work,” and probably uncovered 131 folks.

The Banan official stated she didn’t “completely agree” with the media report however that additional particulars can be disclosed afterward Friday or on Saturday.

An investor relations consultant for Pangang, which is headquartered in close by Chengdu, stated she had no info on the matter. It was not instantly clear how a lot manufacturing the Chongqing unit accounted for.

Pangang’s gross sales to demand centres in jap China “are possible affected by the transportation lockdowns” geared toward stopping the unfold of the virus, one titanium dealer stated.

The corporate’s shares nonetheless closed up 9.9% at 2.55 yuan on Friday. UK-based titanium dioxide producer Venator Supplies VNTR.N stated on Feb. 10 it was elevating costs globally for all its pigments, with out offering a cause for the hike.

Pangang stated on Jan. 14 it anticipated its 2019 web revenue to fall by 53-55% year-on-year to 1.4-1.46 billion yuan ($200-209 million).

($1 = 6.9825 Chinese language yuan renminbi)

(Reporting by Min Zhang and Tom Daly; modifying by David Evans)

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