Earlier this week it was announced that aluminium processor HAI had already cut 250 jobs this year – partly as a result of the declining demand from the automotive industry. How is AMAG dealing with the stuttering of the automotive industry? The aluminium producer from Ranshofen (Upper Austria) presented the figures for the first half of the year on Thursday.
At 707.7 million euros, turnover was almost 89 million euros lower than in 2023, and profit after tax also fell, but in the profit zone at 33.4 million euros – AMAG presented these figures for the first half of 2024 on Thursday.
Market situation ‘challenging’
CEO Helmut Kaufmann refers to the “challenging market situation” and is pleased with the profit “at a satisfactory level”. “Our strategic participation in electrolysis in Canada has once again proven its worth”, says the AMAG boss.
The booming aviation industry, which is characterised by rising production figures for a wide variety of aircraft types, is also a source of joy for the Ranshofen-based company: “Here we were able to further expand our sales volumes,” says Kaufmann.
7,100 tons less aluminum sold than in 2023
The automotive sector is characterised by uncertainty, the manager confirms: “The broad customer base helps us.” In the first half of 2024, AMAG sold 214,100 tonnes of aluminium, which was only 7,100 tonnes less than in the same period of the previous year.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
