Metal and mining industry is one of those industries that have been severely impacted due to the outbreak of coronavirus globally. The prices of steel and other metals have shown different behavior due to demand and supply scenario change. In response to the spread of the virus, some governments have seized the borders and have imposed large scales quarantines and social distancing measures to minimize the spread of the virus any further. The safety and well-being of workers were rightly the top priority of any country, but now companies must consider the economic effects of the pandemic, which are now apparent.
To keep the well-being of employees in concern, companies have taken drastic measures such as asking non-operational staff to work from home to scaling back production; even many of the companies have reduced their operations and manufacturing capacities to get less impacted with the global pandemic. Such steps have resulted in reduced productivity and profits of many industries, including metals and mining precipitously. To come back on track, the companies need to make strategic choices for building their cost resilience to prepare themselves for the recovery, as well as even rethink on their new operating models