Befesa (FRA:BFSA, Financial) could be temporarily affected in the short term, but we are positive as Befesa is helping the steel industry to transform some of its waste into zinc concentrate. Lastly, in Ence, demand for tissue (toilet paper, napkins, etc.) is more than offsetting the fall in demand for pulp from other sectors.
From Francisco Garcia Parames (Trades, Portfolio)' Cobas Asset Management Iberian Portfolio first-quarter 2020 commentary.