On Wednesday, Alro, a Romanian aluminium producer, announced that it had signed a memorandum of understanding (MoU) with Azeraluminium, an aluminium firm in Azerbaijan, to discover routes to upgrade their technical and economic capabilities through mutual cooperation.
The MoU unveils Alro will explore the probability exporting baked anodes to Azeraluminium for a prolonged duration of more than two to five years; the Romanian aluminium brand made it public in a press release.
Additionally, they may partner to develop a gas-fired power plant on Alro's premises, while Azeraluminium could process, market, and circulate continuous casting coils in Romania.
Azeraluminium is the only primary aluminium producer in the South Caucasus region and has a grand presence in the non-ferrous metallurgical industry in Azerbaijan.
Alro is the parent company of Alro Group, which includes Alum (alumina producer), Sierra Mineral Holdings (bauxite mining agency), Vimetco Extrusion (aluminium extrusion line), Conef (management firm), Global Aluminium Ltd. (holding company), Bauxite Marketing Ltd. (marketing services initiator), and Vimetco Trading (sales firm).
On Wednesday, Alro's shares ventured around ₹$ 0.35 - ₹$ 0.32 on the Bucharest Stock Exchange, representing a 1.55% increase.
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