U.S. 10% import tariffs on aluminum won’t impact Slovalco
Aluminum smelter Slovalco, majority owned by Hydro Aluminium of Norway, improved its revenues 16% to €408.6m and more than doubled its net profit to €30.6m in 2017. PM Peter Pellegrini, during his visit to the plant on Thursday, said that the U.S. 10% import tariffs on aluminum won’t impact Slovalco since the EU is a net aluminum importer. Slovalco sells 30% of its output in Slovakia, courtesy of growing demand from the automotive sector. Its management says the average wage in the company comes to €1,500, excluding managers. Next year, it will enjoy a power price cut since the state will waive €80m in various fees to the largest industrial consumers of electricity.