June 19, 2024

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And a third factory in Volos from Ev. Mytileneus – what the Greek businessman revealed!

And a third factory in Volos from Ev.  Mytileneus – what the Greek businessman revealed!

The new era of Mytilineos under the name “Metlen Energy & Metals” was presented by the President and CEO of the Group, Mr. Evangelos Mytilineos, in the context of the ordinary general meeting of shareholders yesterday. The new chapter of the historic industry will include – among other things – a third unit in Volos, the switch to bauxite and the possibility of establishing a semiconductor plant, in Greece or abroad.

“We bought in Volos 5 months ago Second factory Today we are ready to buy a third project,” said Mr. Mytilenios in the context of the billion-dollar projects managed by the group (referring to recent deals in Canada and Italy) and which he considers “in the dark” with regard to acquisitions. According to him, the three metal construction plants in the province Magnesia will soon sell 100% of its production abroad.

After noting that Mytilineos has drawn up the first CRM plan in Greece for gallium, bauxite and alumina, Mr. Mytilineos made special mention of aluminium, a “favourite” in the industry, stressing that it will have a very good year and will continue for a very long time. A long period of high prices. As he explained, the global price of aluminum is rising because the bauxite shortage is already looming, which is why Metlen has now decided to acquire Imerys and invest in Ghana.
The problem begins with the overexploitation of Chinese deposits, where aluminum production jumped from 5 to 45 million tons per year, which led to a decrease in alumina content (about 13%), and thus an increase in the need for bauxite.

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The fact that China imports 74% of the bauxite it needs from geopolitically turbulent African Guinea explains the strategy behind the decision taken by the Mitlin company to enter into ore extraction in neighboring Ghana. In response to a question about gallium and the possibility of establishing a semiconductor manufacturing plant in Greece, Mr. Metlenios indicated that Metlen will initially start producing gallium in the traditional way, but its research department is looking for alternatives to be able to do so. To seriously reduce the cost of production before considering such a possibility. However, he stressed that the company was “moving forward” and left mutations to European legislation on critical raw materials, delaying any delays there. He pointed out, “We will see to what extent the European Union will help and to what extent this investment of 300 million euros was appropriate in Greece, or we should have come to America in the first place.”

“First they put the cart, then the horse.”
Regarding the “deadlock” of surplus megawatts of renewables leading to negative prices, the CEO stated that they “put the cart first and then the horse”, and expected that permits and tariffs would be abolished in due course. He pointed to the example of Portugal, which is already taking measures to limit the overexploitation of renewable energy sources.

He also expects that returns on renewable energy investments will decline and become less attractive until market equilibrium is reached. According to him, the equilibrium will be accompanied by the concentration of the market in the powerful and knowledgeable few, who have developed the know-how to respond to challenges such as negative prices. Regarding the financial numbers, Mr. Mytilenius “sees” 2024 operating profits of between €1 and €1.2 billion for the group, with net income reaching €700 million, until the investments mature or if the company embarks on a major acquisition, in which case “it will run out of money.” “Our numbers.”

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Source: Industrial-news.gr