Alro extends syndicated credit facility of 150 mln dollars for three more years
Exim Banca Romaneasca has coordinated the extension, until 2026, of the credit facility for working capital in the amount of 150 million dollars for Alro, one of the largest aluminum producers in Europe in terms of production capacity, according to a press release sent to AGERPRES on Wednesday.
"Alro continued to operate in a very challenging economic environment, characterized by high production costs and lower demand for some aluminum products. However, we took advantage of our strong position in the high value-added aluminum products market and very large, we focused on increasing the efficiency of our operations and reducing costs and managed to maintain our position at the international level", said the chairman of the Alro Board of Directors, Marian Nastase.
In the last 20 years, the Alro Group has invested over 885 million dollars in state-of-the-art technology, in increasing operational efficiency and in environmental protection programs.
These investments led to the diversification of the product portfolio, with an emphasis on aluminum with high and very high added value and to the reduction of the ecological footprint at the level of the entire Group.
Exim Banca Romaneasca is a 100% Romanian universal bank, in the top 10 largest credit institutions by assets. The bank offers its clients, individuals and legal entities, a wide range of quality products and services, adapted to their needs.
The companies that are part of the Alro Group are: Alro - aluminum producer, Alum - alumina producer, Sierra Mineral Holdings I - bauxite extraction company, Vimetco Extrusion - extruded aluminum producer, Conef - holding and management company, Global Aluminum - holding company, Bauxite Marketing - marketing and Vimetco Trading - aluminum sales. Having this structure, the group created an integrated production chain, providing raw materials for Alro.
Alro is a subsidiary of Vimetco PLC (Republic of Cyprus), a vertically integrated global primary and processed aluminum producer. The structure of Alro shareholders is: Vimetco PLC (54.19%), Paval Holding (23.21%), Fondul Proprietatea (10.21%) and others (12.39%).
In terms of capacity, Alro is one of the largest vertically integrated aluminum producers in Europe, with an installed production capacity of 265,000 tpa of electrolytic aluminum, an aluminum scrap recycling capacity that will reach 100,000 tpa by the end of 2023
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