Austria Metall AG (AMAG) has foregone its 2021 earnings outlook due to the uncertainties about the COVID-19 pandemic. However, it reported a recent increase in orders and expects strong capacity utilization in Q1 2021.
The aluminum producer noted that CRU, a market research group, expects a 7pc increase in primary and rolled aluminum demand this year compared to 2020. The firm shipped 404,800mt of aluminum in 2020, down 8.1pc from 440,300mt in 2019. Last year, the company recorded 15.2pc lower revenue of €904mn, compared with €1.06bn in 2019.
AMAG’s net income in 2020 dropped by 70pc in 2020 to €11.6mn from €38.6mn in the prior year. It attributed the drop to lower shipments from its rolling and casting divisions and the change in its product mix due to the pandemic.