15 MARCH 2013Balkans.com
Aluminij Mostar said it may have to close down due to weak market
Edited by : AL CIRCLE
1 min read
Bosnia's sole aluminium smelter Aluminij Mostar said it may have to close down if it continues to make losses in a weak market beset with slumping demand and rising energy costs.
The country's top exporter, which sells most of its aluminium into the depressed European construction and auto industries, said its supervisory board will decide next month whether to cover a 2012 loss of 65.8 million Bosnian marka ($43.8 million) by dipping into the company's core capital.
"If Aluminij, with reduced core capital, posts a similar or bigger loss this year, that may be the company's end," Aluminij General Manager Ivo Bradvica said in the company's annual newsletter.
The country's top exporter, which sells most of its aluminium into the depressed European construction and auto industries, said its supervisory board will decide next month whether to cover a 2012 loss of 65.8 million Bosnian marka ($43.8 million) by dipping into the company's core capital.
"If Aluminij, with reduced core capital, posts a similar or bigger loss this year, that may be the company's end," Aluminij General Manager Ivo Bradvica said in the company's annual newsletter.
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