AMSTERDAM, Netherlands, June 3, 2014 (GLOBE NEWSWIRE) -- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announces that it is curtailing its aluminum alloys capacity by 5,000 metric tons, or approximately 10% of global demand, to address current market conditions.
As the largest global supplier of aluminum master alloys and grain refiners, AMG's decision to reduce output was driven by systemic overcapacity and low market prices. This is part of AMG Aluminum's continuing efforts to lower its cost structure, improve operations, increase return on capital employed (ROCE) and create long-term shareholder value.
The restructuring charges associated with this capacity reduction are not expected to be material.AMG Aluminum is the world-leading provider of aluminum master alloys and grain refiners for the aluminum industry. With over 300 employees and five ISO 9001 manufacturing plants in Brazil, China, the United Kingdom, and the United States, AMG Aluminum offers a comprehensive range of products including grain refiners, hardeners, tablets/compacts, strontium modifiers, specialty alloys, mechanical alloys, and chemicals and fluxes for the global aluminum industry. About AMG AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure, and Specialty Metals and Chemicals end markets. AMG Processing develops and produces specialty metals, alloys, and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials and vanadium chemicals. AMG Engineering designs and produces advanced vacuum furnace systems, and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.