Russians collect 34m-euro dividends from Alro
The Vimetco group, held by Russian businessman Vitali Machitski, will collect 141 million lei (34 million euros at an exchange rate of 4.1 lei/euro) in dividends from aluminium smelter Alro Slatina (ALR), which it controls, with the plant benefiting from cheap energy from Hidroelectrica.
The rise in the plant's profit came amid a 28% turnover increase, to 1,8 billion lei (425 million euros), as a result of the increase in the price of aluminium on international markets.
In addition, Alro benefits from a long-term contract sealed with Hidroelectrica, producer of the cheapest energy in Romania, which provides it with the entire amount of energy it needs. Under the contract, Alro has paid a price lower than the price paid on the OPCOM market in the past few years, the only free energy market in Romania. Alro's energy spending accounts for around 30% of its overall costs.