Metlen’s metal segment staggers in Q1, with aluminium reflecting over 2% degrowth

Metlen Energy and Metals has kicked off Q1 2025 with a striking surge in activity, posting total sales of EUR 1.50 billion (a 31 per cent upgrade on the EUR 1.143 billion generated in Q1 2024) steered forward by double-digit gains across Metals (an increase of 11 per cent), Energy (31 per cent growth) and a standout Infra and Concessions division (171 per cent).

Energy output climbed 35 per cent to 3.1 TWh (renewables up 78 per cent to 0.6 TWh), while Metals production dipped marginally by 2.1 per cent to 58 thousand tonnes amid capacity realignments. The quarter also saw planned infusions of investor confidence, wherein Fairfax Financial’s EUR 110 million exchangeable bond will elevate its stake to 8.35 per cent, and a EUR 295.5 million commitment to an integrated bauxite-to-gallium plant, facilitated by a Critical Raw Materials Act designation.

With LME aluminium trading around USD 2,400 per tonne at the end of April and forecasts eyeing USD 2,600 per tonne by Q2, Metlen’s cost-control measures and long-term supply pacts with Rio Tinto position it to navigate market headwinds.

Trading performance

Metlen’s Q1 2025 topline of EUR 1.50 billion represents a 31 per cent year-on-year upswing from EUR 1.143 billion in Q1 2024.

• Metals: EUR 228 million, up 11 per cent from EUR 205 million a year earlier.
• Energy: EUR 1,180 million, a 31 per cent climb from EUR 904 million.
• Infrastructure and concessions: EUR 92 million, surging 171 per cent versus EUR 34 million.

The initial quarter of the CY saw Metlen’s energy sector output expand vigorously, with thermal generation rising to a noteworthy 25 per cent to 2.5 TWh and renewables nearly doubling to 0.6 TWh, culminating in total production of 3.1 TWh (35 per cent growth).

On the contrary, metals’ production showed modest contraction, with alumina deflating 3.3 per cent to 210 thousand tonnes, primary aluminium shrinking 0.5 per cent to 45 thousand tonnes, and secondary aluminium dropping 7.1 per cent to 13 thousand tonnes, for a total of 58 thousand tonnes (a total degrowth of 2.1 per cent).