Bogdan Tudorache

Alro Group has decided, at the general meeting of shareholders, to borrow USD 40 million from the Black Sea Trade and Development Bank to finance its current investment program and also to refinance the investments made in previous years, according to a company report.

Alro reported a 6% decrease in revenue during the first nine months of 2019, compared to the similar period of 2018.

Also related to the first nine months (the last available report), capital expenditures reached 85 million lei (19.7 million USD). “The aluminum industry continued to be marked by lower levels” at the London (London Metal Exchange) market in the third quarter of 2019 compared to the same period in 2018, which affected “consequently the Group’s turnover”, mentions the report for the first nine months of 2019.