By Harris Fluodopoulos
The rebranding of Mytileneos is another step for Medlen in the evolution of the company in the context of the strategic objective of strengthening internationalization. E. Mytilineos speaking to the shareholders said, “This is an important, but difficult moment for me. After 115 years, whatever name you choose, it will not be the same as before. MYTILINEOS has acquired an iconic character, something that I and all of us are proud of.
No matter how difficult it is for me, the company is like my third child, so we are determined and determined to reach new heights that no other Greek company has achieved. The name Sacrifice – because it is in my heart – proves that if we are willing to do this, nothing can stop us.
However, the historic decision is directly linked to the decision on dual listing in the London market, which Mr. As Mytileneos said, progress is on schedule and is expected to be completed by next year.
However, in response to questions from shareholders, Mr. Mytileneos himself responded and took the opportunity to address recurring issues about markets, trends and stock.
As for the share price, as he said, it may be high for the Greek stock market, but it is not particularly high for foreign stock markets.
Regarding zero and negative prices in the energy market and energy exchange, he insisted that this was something he had predicted. This is because during periods of high sunshine and wind, supply exceeds demand, causing prices to fall more. He estimated that we would soon see deep negative prices in Greece as well. Dealing with this phenomenon is a serious issue for large companies today, but vertically integrated companies are finding solutions and using negative pricing for their health and the benefit of their customers. It’s something we’ve already done, assessing that any producer who isn’t vertically integrated and doesn’t have guaranteed prices will face trouble. He estimates that feed-in tariffs will be completely eliminated, while RES income will be less attractive until a balance is found with the concentration of the market in a few powerful groups that can handle the new reality. He reiterated that there is a problem with networks that are called on in the short term to deal with large amounts of energy without any product, and he predicted that the development of RES will face a problem and investments will stop. Takes place in Portugal.
For aluminium, he stressed that this year will be a good year, noting that good prices show the health of the market. He stressed that the rise in aluminum was due to the scarcity of bauxite, hence the move to acquire Imeris in Ghana as well. He spoke of China’s overexploitation of its bauxite deposits, which covers a significant portion of its needs with imports. Most imports come from Guinea, a volatile country with major problems, as a result of which the market has begun to add a risk premium to the price of bauxite.
On the energy issue, he stressed that many black books would be written in the future on the way the European Commission handled the situation, while he assessed that mistakes would still be made in the future. He criticized the energy commissioner for saying that his only goal was to stop Russian energy imports with little regard for the impact on prices, as the market doubts that Russia will stop sending gas to Austria.
Finally, for SEV’s elections, Mr. Mytileneos said he was satisfied with having two candidates. He expressed his full support for Spyros Theodoropoulos, who, as he said, was well-deserved, while insisting that his own presence in the association was no longer needed. Mr. If Theodoropoulos is elected, the group will be represented on the SEB by Vice-President V. Chrysafis.