Slovalco posted a net profit of $218m last year

Slovalco, an aluminum smelter owned by Norsk Hydro and Penta, posted a net profit of $218m last year, compared to €17.3m in 2021. Last autumn, it began shutting down production, leaving only a smaller recycling line in operation. It blamed the decision on high power prices and lack of state support. Last year’s high profit came on the back of a sale of electricity it bought earlier. (hnonline.sk) Parliament has recently passed legislation that will increase Slovalco’s subsidies from the Environment Fund, but production resumption is far from certain. The company needs a long-term power contract at a price that allows profitable production. Management says that if the legislation had been passed by 2021, Slovalco would still be producing aluminum today.

(sita.sk)