2014 could be the best year so far for Group Mytilineou

Group Mytilineou, is likely to see a great semester ahead in 2014 as indicated by the group’s annual investor presentation. As the company continues deleverage faster, the government can expect a healthy balance in the coming months. Moreover, the decline of euro against the dollar will have a positive impact on the Group as exports will strengthen.

Mr. Evangelos Mytilineos, President and CEO said in his speech that the financial performance of the group will improve by the end of the year as he believes that the demand of aluminium will increase globally in the field of metallurgy and in the remaining four months of 2014, the metal prices will rise further.

Since the company incurs costs of production in euros and prices its product in dollars, as the euro is weaker against the dollar than it was before, the benefits are higher. Moreover, since the nearby smelters like Italy-Alcoa have closed, traders will have to pay a premium amounting to $900 a ton to buy the metal. With the rate already moving upwards of $2,100 a ton, the final price would be around $3,000.

The group also has some basic cost reduction program planned for the future which will further improve the earnings in the coming quarters.