Good morning, and welcome to Crown Holdings First Quarter 2021 Conference Call. [Operator Instructions].
I would now like to turn the call over to Mr. Thomas Kelly, Senior Vice President and Chief Financial Officer. Sir, you may begin.
Thomas A. Kelly
Senior Vice President and Chief Financial Officer
Thank you, Dale, and good morning. With me on today s call is Tim Donahue, President and Chief Executive Officer. If you don t already have the earnings release, it is available on our website at crowncork.com.
On this call, as in the earnings release, we will be making a number of forward-looking statements. Actual results could vary materially from such statements. Additional information concerning factors that could cause the actual results to vary is contained in the press release and in our SEC filings, including in our Form 10-K for 2020 and subsequent filings.
Crown Holdings Inc (CCK) Q1 2021 Earnings Call Transcript
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BIS standards wreak havoc in metal packaging industry
April 16, 2021
Foreign suppliers unable to get certification due to Covid-19 restrictions leading to raw material crunch
Metal packaging manufacturers are crying hoarse as the industry approaches the April 17 launch of official BIS standards on key raw materials tinplate and tin-free steel.
Foreign suppliers have not been able to obtain certification due to restrictions amid Covid-19, leading to a shortage of raw material in the import-dependent industry that has an annual turnover of ₹10,000 crore, according to Metal Container Manufacturers’ Association (MCMA) industry group.
Prices rise
Due to the shortage, domestic manufacturers JSW Steel and Tata Group’s Tinplate Company of India Ltd have jacked up prices, MCMA President Sanjay Bhatia told