After 45 years, PT Alumindo Light Metal Industry Tbk (ALMI) suspends all activities due to economic pressures

PT Alumindo Light Metal Industry Tbk (ALMI), one of Southeast Asia's largest aluminium rolling manufacturers, has halted all operational activities, including production, administration, and sales. Founded in 1978, ALMI is based in Surabaya, Indonesia, and operates as a subsidiary of the Maspion Group. This decision follows prolonged financial challenges, worsened by the 2018 global economic crisis, which the company has struggled to recover from.

Corporate Secretary Wibowo Suryadinata confirmed the complete shutdown, stating that ALMI has faced severe revenue constraints. He noted that the company has neither income nor expenditures except bank interest costs and mandatory contributions.

This drastic measure underscores the financial distress affecting ALMI, marking a significant setback for Indonesia's aluminium industry.

On October 29, 2024, Wibowo Suryadinata said, "Until now, the Company’s management is still trying to find investors or pressure to find new market targets or improve operational facilities."

Since 2018, ALMI has faced significant financial challenges, largely stemming from the global economic crisis. A major setback came with the imposition of U.S. import duties, which impacted ALMI heavily as the United States is one of its primary export markets.

In response, ALMI attempted to weather the crisis by exploring new markets and establishing partnerships with investors and collaborators in the aluminium sheet industry. However, these efforts have not yielded substantial results, and the company’s revenues continue to decline. Monthly sales volumes have dropped drastically, from approximately 10,000 tonnes to under 2,000 tonnes.

According to Wibowo, despite the severe difficulties the company has faced, there have been no legal complications arising from the suspension of operations.

Image credit: PT Alumindo Light Metal Industry Tbk (ALMI)