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Equity Bottom-Up

<p>Weakness in demand for refractories from the European steel and automotive industries caused Nabaltec’s revenues to drop during Q419, offsetting the progress made in the first three quarters. Revenues continued to decline during Q120 because of the coronavirus pandemic. Noting the uncertainty caused by the pandemic, management has withdrawn guidance. However, it continues to bring additional capacity in the US on line to serve customer there more efficiently.</p>

Weakness in demand for refractories from the European steel and automotive industries caused Nabaltec’s revenues to drop during Q419, offsetting the progress made in the first three quarters. Revenues continued to decline during Q120 because of the coronavirus pandemic. Noting the uncertainty caused by the pandemic, management has withdrawn guidance. However, it continues to bring additional capacity in the US on line to serve customer there more efficiently.

Nabaltec - Investment in US for medium-term growth

Nabaltec AG

Nabaltec - Investment in US for medium-term growth