04 AUGUST 2016AlCircle.com
Press Metal back in operation with Samalaju aluminium smelter
Edited by : Dipanwita Gupta
2 min read
<p>Press Metal Bhd is on its way to making a comeback as it has received full claims from its insurer to pay off for losses incurred from last year’s fire incident at its Samalaju aluminium smelter, reported industry sources. <br /><br />All the smelting pots at Samalaju facility have been running in full capacity since June this year. Things have turned further conducive for Press Metal with aluminium prices gaining strength, finally, after hitting their months' lows.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Press%20Metal.jpg" alt="News" width="420" height="480" /><br /><br />“Press Metal told Bursa Malaysia that it has received the final claim of RM45 million from its insurer, MSIG Insurance (Malaysia). The payment partly covered the loss caused by a fire incident at its Samalaju smelter (Phase II) in May 2015, which resulted in unstable power supply that damaged its smelting pots and halted operations. All in, the company has received a total claim of RM115 million,” said the industry sources.<br /><br />Press Metal paid a sum of RM62.3 million as impairment towards the loss of machinery in FY15. The excess of RM52.7 million is to cover loss of income during the down time when repair work was on at the Samalaju plant. The compensation received will helps to improve the company’s cash flow although the amount would be classified as an exceptional gain given its non-operational and non-recurring nature.<br /><br />Press Metal's Samalaju Phase III aluminium smelter has been in a full commissioning status since May.</p>
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