Mytilineos – Building profitability against economic turmoil

The management of Mytilineos sees six dangers capable of derailing the international, European and Greek economies from the growth rails they entered after the end of the months-long lockdown of the pandemic.

Challenges, which shake up entrepreneurship, as the listed company says more or less during the presentation of the financial results of the nine months, but with the same to continue unabated in breaking the profitability record this year. Its timely placement in business activities that serve the goals of sustainable development not only shields Mytilineos but allows it to continue its investment plan for higher performance in the years after 2021.

The dangers

The announcement of the financial results lists the “secondary effects” of the pandemic, as the president and CEO Evangelos Mytilineos had done about 10 days ago in the “Circle of Ideas”.

As reported: “The global economy, despite recording the fastest growth rate in recent years, is now facing critical secondary effects of the pandemic, such as:

1. Inflationary pressures,

2. The rise in commodity prices,

3. The disruption of the supply chain,

4. The rapid increase in energy costs,

5. Record fares worldwide and in general

6. The increasing cost pressures that received particular intensity in the second half of the year, undermining the growth prospects.

“The coexistence of so many adverse conditions at the same time, puts the whole entrepreneurship to a great test, in Greece, in the European Union but also in the whole world”, the company’s management notes and warns at the same time

The targeted measures

Mytilineos, as it describes in its announcement, recognizing “the above developments in time, has taken targeted measures, especially with regard to energy costs, which on the one hand ensure a new historically high profitability in 2021, but also lay the groundwork for a change in its performance from next year “.

Thus, the movements of the listed company, which had taken place before the outbreak of the pandemic, lead it to the formulation of the aforementioned optimistic forecast.

More specifically, and as it notes, “significant investments are gradually entering the completion phase regarding the increase of Aluminum production capacity to 250,000 tons (project NEW ERA 250), with the completion of the construction of a new 826MW power plant as well as with the completion of development and construction new RES units, with a total capacity of over 2.5GW in Greece and abroad “.

These are the three sectors of business activity (Metallurgy, Electricity and Natural Gas, RES – Energy Storage) of the listed company, in each of which it launched the necessary interventions to be at this stage fortified against international unrest.