Recovery Continues in Challenging Environment for EN+ Group
In the first half of 2019, the groupís revenue declined 5.4% to US$5.8 billion year over year. In the second quarter of 2019, revenue increased 12% year over year to US$3 billion as compared to US$2.7 billion in the second quarter of 2018. The key driver for second quarter 2019 growth was an increase in aluminum sales volumes. On January 27, OFAC5 announced it lifted sanctions against the company. Now the group has been able to deliver sequential improvements in operating performance, the company said.
Construction continues at the groupís key development projects, BEMO and Taishet, including approval in June of the construction of the second phase of Taishet Anode Plant with approximately US$90 million of funding in 2019. On July 1, the group commenced the modernization of the Irkutsk HPP as part of the groupís new energy program.
On July 5, the Group signed definitive agreements with Braidy Industries in line with previously announced terms, including a metal supply agreement for delivery of approximately 200 kt of aluminum annually over ten years once the rolling mill is constructed and launched into operation.