Bosnias Aluminij expects to turn to EUR 5.1mn loss in 2012.

By bne IntelliNews March 15, 2012
Mostar-based company Aluminij, Bosnia's sole aluminium smelter, said it expects to post a BAM 10mn (EUR 5.1mn) loss this year after turning to a slim BAM 1.2mn profit in 2011. The negative result would come on the back of declining metal prices on the global market and rising prices of electricity and alumina, the company said in its annual journal published on its website. Although metal prices have started recovering, they are still far below the level, according to which Aluminij could break even, the company added. Aluminij has said will allocate the whole profit of its 2011 profit to its legal reserves fund. The company posted a BAM 13.4mn loss in 2010. Aluminij signed a EUR 6mn contract with Austria's Hertwich Engineering at the end of last year for the purchase and installation of a new castings line and a new casting furnace. The castings line will manufacture small ingots (6 to 8 kg) under European standards. The company plans to start selling those ingots in January 2013. The deal also involves building a casting furnace that will enable the production of additional 30,000 tonnes of primary aluminium per year.
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