ALRO S.A. (BVB: ALR, "the Company" or "ALRO"), one of Europe's largest vertically integrated aluminium producers by capacity, announces that the company's management is focusing on finding solutions to restore electrolytic aluminium production to the level of 2021 beginning in 2023, subject to market energy prices.
“We are actively looking for solutions to secure the energy needs for 2023 for all our five potrooms and thus to preserve the vertical integration feature of our business, as we believe the integration will remain in the long run one of the main advantages of our business model”,said Marian NĂSTASE, Chairman of the Board of Directors, ALRO.
“Based on our current estimations, the restarting costs for each electrolysis potroom may be in the range of USD 10-12 million, depending on the raw material prices at that time and the period elapsed from the moment of placing them into conservation”,added Marian NĂSTASE.
In 2022, the Company will implement its previously announced production plan to rescale electrolytic aluminium production and work with two of the five electrolysis halls, while also taking the necessary technological measures to allow a quick and efficient restart when energy market conditions improve. ALRO is also concentrating on keeping as many of its employees as possible by dispersing the Company's staff, in order to resume electrolytic metal production at the prior level in 2023 in a seamless and efficient manner.
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ALRO presently buys cold primary metal from the market to offset the impact of the temporary production shutdown of the three electrolysis halls on its turnover. As a result, the Company aims to maintain or even grow the output of processed goods, while adjusting production of the less lucrative basic aluminium products. As a result, ALRO's management expects its turnover in 2022 to be at least as high as it was in 2021, with the selected production plan being the optimum option for current market conditions.
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