Athens, Greece – 17 May 2023 – Following a request by the Hellenic Capital Market Commission, MYTILINEOS Energy & Metals announces that is in negotiations to draw up an agreement for an acquisition in North America, as part of the Company’s strategy of investing in the global green transition.
Below is the transcript of the Bloomberg interview when Chairman and CEO of the Company, Evangelos Mytilineos, referred to the issue:
“Question: You’re investing heavily in green energy in Europe. Would you also be doing the same in North America?
Answer: Αs a matter of fact we invest heavily on the green transition thing on a global scale. We are present in 32 countries, big time in Australia, big time in Chile and after the IRA and the new measures of the Canadian government we are looking very much into North America, that’s why I’m here, for a second time this month.
Question: Does that mean you are signing a deal or are you talking to investors?
Answer: We are close.
Question: You are close to which one? A deal?
Answer: To a deal.
Question: You are close to a deal, somewhere in North America. Is that because of the IRA? Can you tell us a little bit more about the areas of deal that’s interesting to you? How about that?
Answer: Look, the IRA is a very good set of measures. Very pragmatic and very good for business. The Canadian measures that have been announced last month are also in the right direction and that is also very attractive for a European business. In Europe, unfortunately, things are moving slower, the system is more bureaucratic, its 27-28 countries that have to agree, 27-28 parliaments that have to agree, and that takes time. That’s why I think although Europe was at the forefront of the green transition in the end North America will catch up and move faster.
Question: I’m interested, you keep talking about North America, not just the United States of America, are we in a subsidy war? Is that what you are describing here? What the Americans are offering, what the Canadians are offering is a little bit better than what the Europeans are offering so therefore you go to where the subsidies are? Is that how we should be thinking about this?
Answer: The Europeans are not putting any money on the table, that’s why a lot of companies in the green transition era in general are looking very much into the North American markets. Europeans encourage you to do things or they punish you If you don’t do things. North Americans, not just the US, they are actually pushing, they are actually subsidizing and therefore I think they will move much faster than Europe going forward.
Question: Cause North America can’t have a carrot and a stick, it’s hard for the carrots in Europe. Ok, so then to this point you are aluminum and you are also green energy, that’s what MYTILINEOS does. Are you interested in opportunities where you decarbonise hard to decarbonise sectors, like aluminum plants or refiners or is it about new technology and new stuff, like green hydrogen or different types of infrastructure?
Answer: Both. Some people ask me why metals and energy? And clean energy for that matter. It’s a very simple answer, much more simple than one could think. Metals in the future, they have to be green, otherwise they will seize to exist.
So in order to move forward with the metal business, you have to be very green on the energy. Our metal business unit is doing great because it has the support of the energy division. And when I say energy, let’s be clear, I don’t mean just solar or wind and that. It’s a whole series of measures that have to be taken for the green transition, including grids, including hydrogen, including many things and these are now more and more are being put on the table, the people tag a price on them, because we’ve been talking for years about the green transition, we aren’t telling the people what does that mean in terms of money, in terms of time, in terms of lost revenues sometimes and so on.”
Subject to completion of the agreement, the Company will move forward with all the necessary disclosures, always complying with capital market law and in particular with article 17 of Regulation (EU) 596/2014 and the regulations of the Athens Exchange Regulation. This information is made in accordance with Regulations (EU) 596/2014 of the European Parliament, the European Council and following a relevant question by the Hellenic Capital Market Commission, as mentioned above.
