LONDON Aluminium SA, a subsidiary of the Mytilineos Group, has agreed to supply Glencore International Plc with 75,000 tonnes of aluminum billet and slab for delivery over the next 18 months for a total price of $200 million.
"These quantities will be exported to the European and U.S. markets from January 2013 to June 2014," Athens-based Mytilineos said Thursday. "This contract confirms the groups strong export orientation and stresses the important role of the aluminum industry in Greece, where it contributes more than 80 percent of the added value of Greek finished products that are exported"
The deal works out to an average price of $2,667 per tonne. The London Metal Exchange three-month aluminum price settled at $2,145.50 per tonne Thursday, while European billet premiums published by AMM sister publication Metal Bulletin are in a range of $450 to $490 per tonne.
Mytilineos expects exports to account for up to 90 percent of its total sales this year, excepting power generation.
A version of this story was first published by AMM sister publication Metal Bulletin.