BUCHAREST (Romania), July 14 (SeeNews) - Romanian aluminium and aluminium alloys producer Alro Slatina said on Wednesday it received a 167 million euro ($40 million/ 34 million euro) financing facility from state-owned lender EximBank.
The funds are intended to provide the necessary liquidity for the operations of the company and were granted with a state guarantee issued under the Covid-19 state aid scheme dedicated to large companies, Alro said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.
"We have remained faithful to our strategy and we focused on investments in innovation and in the latest production technologies and we continued to pursue partnerships with organisations that support responsible and sustainable business development," Alro CEO Gheorghe Dobra said.
The unpredictable economic environment created by the coronavirus pandemic affected two of the key market segments for Alro, namely the automotive and aircraft industries. Along with low alumina prices, these were the main challenges that company sought to overcome by implementing several measures to reduce costs and improve purchasing and sales strategies.
A subsidiary of Vimetco N.V., Alro is one of the largest vertically integrated aluminium producers in Europe, having an installed production capacity of 265,000 tonnes per annum of electrolytic aluminium, 35,000 tonnes per annum of recycled aluminium and 335,000 tonnes per annum primary cast aluminium.
Alro's shares were changing hands 0.37% higher at 2.72 lei by 1243 CET on Wednesday on the BVB.
($= 0.848 euro)
Alro SA is among the biggest companies in SEE, for more reference take a look at Top 100 companies