Swedish aluminum producer Granges expects its sales and operating profits to be better than initially expected on strong market demand and reduced costs of production in Q3 2020.
The company forecasted its third-quarter sales at 86,700mt, compared with guidance of 85,800mt, in a release on Oct 8. Adjusted operating profits are predicted to account for SEK200mn ($22.74mn) over the benchmark of SEK190mn set initially.
Granges has also agreed to purchase Polish aluminum producer, Aluminum Konin, for SEK2.2bn. The latter operates an integrated mill with a capacity of producing 100,000mt per year. The Swedish firm expects to close the deal by the end of October.
($1=SEK8.79)