Hulamin's performance continues to improve
Order books in all operations for aluminium supplier Hulamin have continued to improve throughout the third quarter of the 2020 financial year, and are approaching “normal levels”, the company reported on October 14.
The company also confirmed that orders for beverage can products, heat-treated plat and extrusions are “particularly healthy”.
While debt increased by R337-million in the first half of the year and reached a debt:equity level of 27%, subsequent increases in production and sales activity has further increased pressure on working capital.
Nevertheless, Hulamin said on October 14 that its borrowing levels remain “well within facility limits”, with sufficient headroom available.
Up to the end of September, Hulamin recorded 497 positive Covid-19 tests. The company’s management teams have subsequently returned to on-site working arrangements on a full-time basis.
There has since been one new positive Covid-19 test result in October, and four employees remain quarantined.
Additionally, on October 8, the US Department of Commerce announced the preliminary outcome in the anti-dumping case instituted by the US Aluminium Association against 38 tolling operations from 18 countries.
These duties, which became immediately enforceable, range from 0% for Italy to 353% for Germany, Hulamin said in its statement.
The anti-dumping duty to be implemented for common alloy aluminium rolled products from South Africa is 8.9%.
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