Amsterdam, 21 February 2018 (Regulated Information) --- AMG
Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM:
"AMG") is pleased to announce that AMG Vanadium has signed a
long-term multi-year agreement, with an existing customer, to
process and recycle spent catalysts from a major oil refinery in
North America.
In order to meet increasing demand
from both existing and new customers, AMG has approved the
expansion of its spent catalyst recycling operations. The total
investment is estimated at $35 million and will primarily involve
the installation of a new flue gas desulfurization unit at AMG
Vanadium's facility in Cambridge, Ohio. AMG expects to complete the
expansion by the end of 2019 and once completed, AMG Vanadium's
spent catalyst recycling capacity will increase by approximately
30%. The expansion is subject to environmental permitting, which is
expected to be completed in the third quarter 2018.
"As the largest producer of
ferrovanadium in North America, the expansion will solidify our
existing market position and enable AMG Vanadium to better meet our
customers' future requirements", said Mr. Hoy Frakes, President of
AMG Vanadium. "In addition, the expansion of our spent catalyst
recycling operations in Cambridge, Ohio, will allow AMG Vanadium to
continue to provide our partners with an industry-leading
environmental solution for their spent catalyst recycling needs as
their requirements grow".
Located in Cambridge, Ohio, AMG
Vanadium specializes in the environmentally beneficial conversion
of oil refinery and power plant waste products into ferrovanadium,
nickel and molybdenum primarily used by global steel producers in
automotive, energy transmission and infrastructure applications. By
using materials that would otherwise be discarded as waste, AMG
Vanadium encourages environmental stewardship, energy conservation
and resource recovery.
This press
release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation.
This press
release contains regulated information as defined in the Dutch
Financial Markets Supervision Act (Wet op het financieel
toezicht).
About AMG
AMG is a global critical materials
company at the forefront of CO2 reduction trends. AMG produces
highly engineered specialty metals and mineral products and
provides related vacuum furnace systems and services to the
transportation, infrastructure, energy, and specialty metals &
chemicals end markets.
AMG Critical Materials produces
aluminum master alloys and powders, titanium alloys and coatings,
ferrovanadium, natural graphite, chromium metal, antimony, lithium,
tantalum, niobium and silicon metal. AMG Engineering designs,
engineers, and produces advanced vacuum furnace systems and
operates vacuum heat treatment facilities, primarily for the
transportation and energy industries.
With approximately 3,000
employees, AMG operates globally with production facilities in
Germany, the United Kingdom, France, the Czech Republic, the United
States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and
has sales and customer service offices in Russia and Japan
(www.amg-nv.com).
For further
information, please contact:
AMG Advanced Metallurgical Group
N.V. +1 610 293
5804
Steve Daniels
Senior Vice President
sdaniels@amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts
and are "forward looking". Forward looking statements include
statements concerning AMG's plans, expectations, projections,
objectives, targets, goals, strategies, future events, future
revenues or performance, capital expenditures, financing needs,
plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, plans or goals relating to forecasted
production, reserves, financial position and future operations and
development, AMG's business strategy and the trends AMG anticipates
in the industries and the political and legal environment in which
it operates and other information that is not historical
information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will,"
"should," and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their
very nature, forward looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking
statements speak only as of the date of this press release.
AMG expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward looking statement
contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions, or
circumstances on which any forward looking statement is based.
AMG Vanadium Expansion
FINAL
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: AMG Advanced Metallurgical Group N.V. via
Globenewswire
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