Alum looses 5m euros in Q1

Alum Tulcea, Romaniaa??s main producer of calcined alumina for use in the making of aluminium, generated nearly 22 million euros (794.3bn ROL) in turnover and nearly 5 million euros of losses in the first three months of the year. Company officials were unable to provide any further information. The companya??s management is planning to raise its production capacity in order to take advantage of the favourable circumstances on the international market, as well as boost productivity, develop existing technologies to improve quality and expand its own harbour facility to ensure cheaper handling of bauxite shipments. The company makes aluminium oxide and hydroxide, which together have generated 98% of company turnover over the last three years. Alum accounts for 0.3% of the total international calcined alumina market and is Eastern Europea??s largest alumina maker. Pioche Consultants Limited, a company registered in Belize, bought out Balli Metal Bucharesta??s stake in Alum of 67.69% through the RASDAQ in December of last year in a transaction worth more than 7.3 million euros in total. According to market information, Pioche is held by Russian oligarch Vitaly Matshytsky, who also controls the only primary aluminium maker in Romania, Alro Slatina. ZF