:Belgian materials technology and recycling group Umicore made a downward revision revised to its profit outlook on Monday to reflect a stronger than previously expected impact from the global semiconductor shortage and lower prices for platinum group metals .
"In automotive catalysts, the impact of the semiconductor shortage on car production is proving more severe than was anticipated at the end of July," the company said on Monday, sending its shares down 3.9per cent in early trade. The company has also lowered its sales expectations for cathode materials and postponed the start of commercial production at its Polish greenfield cathode materials plant in Nysa, citing demand adjustments in electric vehicle production."This is unexpected and, in fact, we believe bulls had been hoping for a raise in the guidance for this division," the broker said.
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