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FINANCIAL NEWS
Bahraini Alba’s output down slightly in Q3
15 Oct 2012
(MENAFN) Aluminium Bahrain’s (Alba) chief executive, Tim Murray, announced that during the third quarter, the company’s output fell slightly to 219,681 tons, from 222,553 tons in last year’s same period, reported Arabian Business.
Murray said that the world’s fourth-largest aluminum smelter’s sales reached 218,507 tons in the period, down from 220,608 tons a year ago.
He added that in the January-September period, output grew by 4,405 tons from 2011’s same period to 663,214 tons, whereas sales were at 664,552 tons.
He added that the company, of which 69 percent is owned by Bahraini sovereign wealth fund Mumtalakat and 20 percent by Saudi Arabia, expects its 2012 output to surpass the record posted last year.
It is worth noting that last week, US Alcoa Inc said it would pay the Bahraini firm USD85 million in cash and enter long-term raw material supply deals to resolve Alba’s racketeering and fraud lawsuit against it.
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