80% of ferroalloy factories stopped operating and about 2,000 people were left without work due to the shortage of energy carriers in Europe. As a result, metallurgical factories stopped or reduced production and excessive volumes of silicon-manganese appeared on the market, which price was halved.
The industry does not remember such a crisis - says Sulkhan Khvedelidze, managing partner of "MN Group 2021". The company's enterprise has been stopped for 2 months, and 120 employees are waiting for the stabilization of the situation in the market. Khvedelidze has already asked for the delay of the electricity bill and loan obligations.
"We are in a rather difficult condition. Each company applied to both energy distribution companies and banks because we have a lot of obligations.
Banks have remitted the obligations, although this is short-term. As soon as the industry starts to move forward, all this will be a burden on Georgian manufacturers," says Sulkhan Khvedelidze, managing partner of "MN Group 2021".
Official data show that the exports of Georgia's major exporting commodity have decreased sharply. Only in February, exports decreased 3.3 times to USD 20.8 million, while the first 11 months of last year were profitable for the industry.
