2013
Prospects of Growth
I
In 2012, Greece experienced a deep and pro-
longed recession for the fifth year in a row, with
the economic and political instability peaking
in mid-year, when the two general elections were
held. In parallel, the crisis remained very much pre-
sent on the global level, with visible impact on the
growth of the Eurozone member state economies.
In this adverse juncture, MYTILINEOS Group proved
for yet another year that talent and creativity con-
tinue to characterise Greek entrepreneurship,
which not only and can but must also grow further.
The Group’s disciplined, vision-driven strategy, re-
lying on strong exports combined with strict cost
controls, allowed the Group to make progress dur-
ing 2012 and to lay solid foundations for its pros-
pects in 2013.
In particular, the EPC Projects Sector, boosted by
its dynamic exporting profile, was the best per-
former for yet another year, as it contributed the
largest share of the Group’s results and success-
fully entered new markets with positive prospects
for the future. The entry of METKA in the markets
of Algeria and Jordan, where it secured three new
projects, confirmed its position as one of the world’s
top global players and served as proof of the value
of Greek know-how. With a strong international
presence and a signed backlog currently standing
at €1.7 billion, the EPC Sector’s prospects for the
next year appear good. During 2013, METKA will
focus on the implementation of its projects abroad
which are now well-advanced and on competing for
new projects in markets where it already is present
or in new ones, in order to expand its share of en-
ergy infrastructure projects in Europe, Turkey, N.
Africa and the Middle East.
For the Metallurgy and Mining Sector, the “MEL-
LON” competitiveness boosting programme
started bearing fruit since the very first year of its
implementation, strengthening the competitive
position of ALUMINIUM. The positive results of
this programme, which for the Group is of stra-
tegic importance, were reflected in the results for
the second half of 2012, during which the Sector’s
performance improved visibly. The “MELLON” pro-
gramme will remain a key priority for the Group
in 2013, as it functions as a crucial safety valve in
the oppressive domestic environment of limited li-
quidity and overtaxation, and as a key prerequisite
for continued improvement in the evolution of one
of Greece’s most historic industries.
The rate of increase of global demand for alu-
minium is expected to pick up in 2013, thus help-
ing sustain aluminium prices. At the beginning of
2013, however, in spite of premia climbing to new
highs, aluminium prices in the LME stood again
below the $2,000/tn mark, posing serious chal-
lenges for producers.
10
« ...allowed the Group
to make progress
during 2012 and
to lay solid
foundations for
its prospects
in 2013.»
