11 FEBRUARY 2015AlCircle.com
Tomago smelter helps pull AGL out of the red
Edited by : AL CIRCLE
1 min read
AGL, a gas giant in Australia has reported an increase in half-yearly profits by 25% stating that its recent acquisition of Macquarie Generation worth $1.5 billion has been beneficial while things are looking positive for the Hunter Valley-based Tomago aluminium smelter.
The company has reported a rise of $300 million in underlying profits over six months ending in December.
Tomago aluminium smelter, the biggest customer for the company is turning things around for the company. AGL had dropped hints that it may close down due to market uncertainties but as the condition of the global aluminium industry improves, AGL’s future looks promising.
AGL has an electrical contract with Tomago valid till 2028.
The high local premiums have boosted the aluminium prices, while the diminishing stockpiling across the globe has created a better global supply and demand balance improving the price of the metal even more, supporting the global aluminium industry.
The company has reported a rise of $300 million in underlying profits over six months ending in December.
Tomago aluminium smelter, the biggest customer for the company is turning things around for the company. AGL had dropped hints that it may close down due to market uncertainties but as the condition of the global aluminium industry improves, AGL’s future looks promising.
AGL has an electrical contract with Tomago valid till 2028.
The high local premiums have boosted the aluminium prices, while the diminishing stockpiling across the globe has created a better global supply and demand balance improving the price of the metal even more, supporting the global aluminium industry.
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