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.