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Greece’s Mytilineos expects positive alumina performance

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Mytilineos sees positive prospects for its alumina business in Greece despite surging alumina prices, the Greek industrial group said on Thursday.

Its vertically-integrated feed and lower production costs have shielded it and created “positive prospects” for its alumina business in the short and the medium term, the company said in a first-quarter trading update.

Prices for alumina surged last month after the United States imposed sanctions on Russian aluminium producer Rusal.

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Alumina is extracted from bauxite ore and smelted to form aluminium. Its supply is already tightening due to a partial outage of a plant in Brazil.

Mytilineos operates an alumina refinery in central Greece with an annual output of 820,000 tonnes and aims to spend $400 million to boost its capacity to 1 million tonnes.

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