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Nov 23, 2023 12:58 EEST
November 23 (SeeNews) - Romanian blue-chip aluminium producer Alro [BSE:ALR] is investing $4.22 million (3.86 million euro) in two projects aimed at increasing product quality control capabilities, it said on Thursday.
Alro has signed acquisition contracts with international partners to supply and install two new systems for inspecting aluminium alloy plates, the company said in a filing to the Bucharest Stock Exchange.
These systems will allow for a complete and automatic scan of both surfaces of the plates, ensuring that they meet the highest quality standards, Alro said.
"This way, we succeed to increase the company's competitiveness internationally, create value for shareholders, customers and the community and maintain our position in a highly competitive economic environment," said Gheorghe Dobra, CEO of Alro.
Alro's net loss widened to 394 million lei ($86.5 million/79.3 million euro) during January-September, due to lower aluminium quotations on the London Metal Exchange, slowing demand at the European level and higher utilities costs at the local level.
As at 1017 CET on Thursday, Alro shares traded flat at 1.54 lei on the Bucharest Stock Exchange.
(1 euro = 4.97 lei)
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