The FINANCIAL — The Black Sea Trade and Development Bank (BSTDB) provided a USD 60 million long term loan to Alro S.A., Romania’s only aluminium producer.
The loan will help finance the company’s investment program with the total cost of USD 190.3 million to be co-financed by other IFIs and commercial banks. The program aims at capacity increase, quality improvements and development of new products, more efficient energy consumption, as well as less exposure to the aluminium and electricity price swings, according to BSTDB.
BSTDB’s financing is expected to generate a significant development impact in Romania mainly through increased export and tax revenues.
Alro S.A. was established in 1961 and is the largest primary aluminum manufacturer in Central and Eastern Europe, with installed production capacity of 265,000 tons per year. Alro’s total market value stands at USD 225 million as of end 2014. Alro, with its subsidiaries, had a total consolidated asset size of USD 591 million at end 2014, whereas its consolidated revenues totaled USD 630 million and USD 606 million in 2014 and 2013 respectively. The Company is ISO 9001 certified for quality management and has NADCAP, as well as EN 9100 certificates for aerospace production.