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Metlen Energy & Metals: Europe's Hidden Industrial Champion
Introduction & Episode Roadmap
Picture the sun-drenched hills of Boeotia, an hour northwest of Athens, where an industrial complex has stood for over six decades. Smokestacks rise against the azure Greek sky, feeding one of the world's most efficient alumina refineries. But this isn't a relic of a bygone era—it's the beating heart of Europe's only fully vertically integrated aluminum production chain, and a cornerstone of what may be the most remarkable corporate transformation story to emerge from Greece since the ancient agora.
Metlen is a global industrial and energy company operating two business Sectors: Energy and Metals that are highly interconnected and complementary, enabling synergies that unlock hidden value for the Company and significantly amplify its performance. This seemingly dry corporate description masks an extraordinary 117-year journey from a small metalworking shop in Piraeus to a FTSE 100 constituent with operations spanning five continents.
How did this happen? How did a family metallurgy business founded in the waning years of the Ottoman influence on Greek commerce become a €6.7 billion industrial giant? The group's synergistic business model has allowed Metlen to grow from its origins as a family business founded in Greece in 1908 to a global industrial giant whose market capitalisation has more than tripled in the period of 2021-2024.
Under his leadership, the company reached a consolidated turnover of €5,683 million and EBITDA €1,080 million in 2024. To appreciate the magnitude of this achievement, consider that this company survived the longest recession any advanced economy has ever experienced, navigated three corporate transformations, broke state monopolies, and emerged as Greece's largest home-grown enterprise.
The story of Metlen is one of vertical integration, crisis resilience, energy transition, and the art of strategic transformation. It's a story of a man who took over a family business at 24 and spent the next five decades turning it into what the European Commission now considers a strategic asset for continental autonomy. And in August 2025, when Evangelos Mytilineos rang the opening bell at the London Stock Exchange, he wasn't just celebrating a listing—he was marking a new chapter for Greek industry itself.
The Mytilineos Family Origins (1908–1989)
The year was 1908. The Ottoman Empire still controlled vast stretches of the Balkans. Greece, barely eight decades into its independence, was industrializing fitfully, its economy fragile, its institutions nascent. In the port city of Piraeus—the maritime gateway to Athens—a man named Evangelos Mytilineos the elder established a small metallurgical enterprise, focused on producing and trading metal and steel products.
The origins of Metlen Energy & Metals trace back to 1908, when Evangelos Mytilineos established a small family-owned metallurgical enterprise in Piraeus, Greece, marking the family's initial foray into metalworking as a craft activity focused on producing metal and steel products.
This wasn't a factory in the modern sense. It was more akin to a trading house with workshop capabilities—a hub where the emerging Greek industrial class could source the metals they needed to build railroads, ships, and structures. This modest operation began as a rapidly expanding family business amid Greece's early 20th-century industrial landscape.
The decades that followed were turbulent for Greece in ways that modern investors can scarcely imagine. World War I. The Asia Minor catastrophe of 1922, which brought over a million Greek refugees flooding into a country of barely five million. The Metaxas dictatorship. World War II and the brutal Nazi occupation. The Greek Civil War from 1946 to 1949. The military junta from 1967 to 1974.
Through it all, the Mytilineos family business endured. Throughout the mid-20th century, the business remained under family control, sustaining its core emphasis on metallurgy through manufacturing and trading activities in metals and steel derivatives, adapting to post-World War II economic recovery and Greece's gradual industrialization.
By the 1970s, Greece had begun its tortuous path toward European integration and democratic stability. The family business had evolved from a workshop into a representative for metal and steel product manufacturers. It was during this period that a new generation would take the helm.
In 1978, Evangelos Mytilineos took over the family business, which was founded in 1908, which represented metal and steel product manufacturers. He was just 24 years old. Born in Athens in 1954, Evangelos Mytilineos graduated from the Moraitis School, holds a BSc in Economics from the University of Athens and an MSc in Economics from the London School of Economics.
This educational pedigree mattered enormously. The younger Mytilineos wasn't merely inheriting a family trade—he was bringing rigorous economic training from one of the world's premier institutions to bear on a business that had survived by instinct and tenacity. At age 24 in 1978, he assumed leadership of the family enterprise, marking an early transition from personal development to business stewardship.
Over the next twelve years, he would lay the groundwork for a transformation that nobody—least of all the Greek industrial establishment—saw coming.
The Holding Company Era: Building Blocks (1990–2004)
The fall of the Berlin Wall in 1989 didn't just reshape European geopolitics—it opened vast new markets in the former Eastern Bloc. Greece, now a full member of the European Economic Community since 1981, sat at the crossroads between Western Europe and the Balkans. Evangelos Mytilineos saw opportunity.
The company was founded as MYTILINEOS Group in Greece in 1990, as an evolution of the old metallurgical family business that had been operating since 1908. In 1995, it was listed on the Athens Stock Exchange, while participating in the FTSE 25 high capitalization index.
The transition from family business to holding company was deliberate. This founding marked a shift from a localized trading entity to an integrated industrial group, leveraging the post-1980s liberalization of Greek markets for metals and energy infrastructure. Mytilineos was building what strategists call a platform—a structure that could absorb acquisitions, deploy capital efficiently, and unlock synergies across related businesses.
The 1995 Athens Stock Exchange listing provided crucial capital for expansion. It acquired a series of copper, zinc and lead mines in Europe in early 1990s and was listed on the Athens Stock Exchange in 1995. The newly public company moved aggressively into Central and Eastern Europe, snapping up mining and metallurgical assets at post-communist prices.
Acquisition of a majority stake in METKA S.A., Greece's largest metal constructions Group. Acquisition of the zinc processing metallurgy plant SOMETRA S.A. in Romania.
The 1998 METKA acquisition deserves particular attention. METKA wasn't just a metal fabrication company—it was Greece's leading heavy construction firm, with capabilities in building power plants, refineries, and industrial infrastructure. METKA ATE is the business unit of the Greek company Mytilineos S.A., undertaking the construction of large-scale projects in the sectors of energy, infrastructure and defence. Metka's main business activity is in construction of large power generation plants, most notably highly efficient combined cycle power plants.
For investors trying to understand Metlen's later success, this acquisition was pivotal. By acquiring METKA, Mytilineos was transforming his company from a pure trading and mining operation into an EPC (Engineering, Procurement, Construction) powerhouse. This capability would prove invaluable when the company entered the energy sector—it could not only own power plants but build them.
Metka was founded in 1962 by the Hellenic Industrial Development Bank in the port city of Volos, Central Greece. In 1964 Metka's manufacturing plant for metal constructions initiated its operation, with its activities relating mainly to the construction of large and sophisticated metal and mechanical projects.
The Volos facility—which today forms the core of Metlen's defense manufacturing hub—had been building complex metal structures for over three decades by the time Mytilineos acquired it. Its workforce possessed specialized welding and assembly capabilities that few European competitors could match.
By 2004, Mytilineos Holdings had assembled a diverse portfolio spanning metals trading, mining, and heavy construction. The company had survived the dot-com bust, established a track record as a publicly traded entity, and built relationships across the Balkans and Mediterranean. But its chairman was already planning something far more ambitious.
Inflection Point #1: The Aluminium of Greece Acquisition (2005)
The year 2005 was pivotal for European metals. China's economy was growing at double digits, driving commodity prices higher. European aluminum smelters, burdened by high energy costs, were struggling. The Canadian aluminum giant Alcan had acquired Pechiney, the French company that had built and operated Aluminium of Greece since the 1960s. With a broader portfolio to manage, Alcan was open to selling its Greek assets.
Most Greek businessmen looked at Aluminium of Greece and saw a money pit. The facility was one of Europe's largest integrated alumina and aluminum operations, but it consumed enormous quantities of electricity—making it vulnerable to Greece's notoriously expensive and unreliable power sector. It employed over a thousand workers and required constant capital investment. In the commodity downturn that everyone expected after the China-driven boom, who would want such an asset?
Evangelos Mytilineos wanted it.
"The most critical turning point in his career came in 2005 with the acquisition of one of the largest aluminum factories in Greece, a move that no other businessman at the time dared to make. After five to seven years and what happened with the turmoil in the markets that followed, I understood why no one dared."
Completion of the acquisition of a 53% majority stake in ALUMINIUM OF GREECE S.A., one of Europe's largest vertically integrated alumina and aluminium producers.
The strategic logic was elegant, even if the execution would prove harrowing. Aluminium of Greece wasn't just a smelter—it was a vertically integrated operation with its own bauxite mines, alumina refinery, and smelting facility. METLEN is also a leader in the Metals industry, as it operates the only vertically integrated bauxite, alumina, and primary aluminium production unit across the EU with privately owned port facilities.
Mytilineos saw something that other investors missed: synergy between metals and energy. An aluminum smelter is essentially a machine for converting electricity into metal. If you could secure cheap power—or better yet, produce your own—you could dramatically improve the economics of aluminum production. The seeds of the "synergistic model" that would later define Metlen were planted in 2005.
The Canadian aluminium producing ALCAN Group acquires Pechiney Group and, by extension, ALUMINIUM OF GREECE... MYTILINEOS Group acquires ALCAN's majority stake in ALUMINIUM OF GREECE.
But the acquisition came with significant operational challenges. Metlen aluminium plant is one of the strongest pillars of Greek industry and has established itself as one of the strongest players in the Metallurgy sector in the European Union, with an annual production capacity that exceeds 190,000 tons of aluminium and 860,000 tons of alumina.
What Mytilineos didn't anticipate—what no one anticipated—was that within five years, Greece would be engulfed in the worst economic crisis any developed nation had experienced since the Great Depression.
Inflection Point #2: Breaking the Energy Monopoly (2007–2010)
The mid-2000s marked Greece's final years of apparent prosperity before the crash. The 2004 Athens Olympics had showcased a modern European nation. The economy was growing. Credit was flowing. And the Greek electricity market—long a state-dominated monopoly under the Public Power Corporation (PPC)—was slowly liberalizing.
Evangelos Mytilineos understood that his newly acquired aluminum smelter would live or die based on energy costs. Greek industrial electricity prices were among the highest in Europe. If Mytilineos Holdings was going to make aluminum competitive, it needed to secure its own energy supply.
MYTILINEOS expands into electricity production and trading, presenting a comprehensive investment plan driven by the market liberalisation under way.
The company's entry into energy production began with a joint venture. MYTILINEOS announces the conclusion of a Joint Venture Agreement with MOTOR OIL for the joint construction, operation and exploitation of a 437 MW gas-fired combined cycle plant located within the MOTOR OIL complex in Ag. Theodori (Korinthia).
Combined cycle gas turbines (CCGTs) represented the cutting edge of power generation technology—efficient, flexible, and relatively clean compared to the lignite plants that dominated Greece's electricity mix. By building its own CCGT capacity, Mytilineos could supply power to its aluminum smelter while selling excess generation into the grid.
But the company didn't stop at electricity. It moved into natural gas—and in doing so, broke a state monopoly that had existed for decades.
The company broke monopolies in 2010, by becoming the first private entity to supply and market natural gas in Greece, ensuring a safe and competitive supply for its customers.
MYTILINEOS is the first private company to import LNG. The first LNG cargo imported by the Group is delivered to the Revythoussa terminal in May 2010.
This was revolutionary in the Greek context. DEPA, the state gas company, had controlled all natural gas imports into Greece. By securing the right to import LNG (liquefied natural gas) independently, Mytilineos could bypass the state-controlled supply chain entirely. The first private LNG cargo arrived at the Revythoussa terminal in May 2010—just as Greece was entering its darkest economic hour.
In July 2010, the Mytilineos Group agreed with Enel to acquire 50.01% of Endesa Hellas, which then belonged to Endesa SA. This acquisition—which would become Protergia, now Metlen's flagship energy retail brand—established the company as Greece's largest independent power producer.
The timing was exquisite and terrible simultaneously. Mytilineos had built an integrated energy-and-metals conglomerate precisely as Greece's economy was collapsing.
Surviving the Impossible: The Greek Debt Crisis (2010–2015)
Greece faced a sovereign debt crisis in the aftermath of the 2008 financial crisis. Widely known in the country as The Crisis, it led to impoverishment and loss of income and property.
In all, the Greek economy suffered the longest recession of any advanced mixed economy to date and became the first developed country whose stock market was downgraded to that of an emerging market in 2013.
For Mytilineos Holdings, the crisis was existential. The company had just completed a massive expansion into both aluminum production and energy—capital-intensive businesses that required steady demand and functioning financial markets. Greece had neither.
Unemployment rose from 9% in 2009 to 23.5% in May 2016, while GDP fell from €237.4 billion in 2009 to €179 billion in 2015. Industrial production collapsed. Construction ground to a halt. Energy demand plummeted.
The aluminum smelter, which Mytilineos had boldly acquired just five years earlier, became a liability of terrifying proportions. The company was hemorrhaging money at an astonishing rate.
"I have experienced many ups and downs," he said, describing his path as bumpy, full of challenges that initially seemed existential financially, but were ultimately manageable through strategy and proper organisation.
What saved Mytilineos Holdings? Several factors.
First, diversification. The company wasn't a pure-play aluminum producer or a pure-play utility. Its EPC business (through METKA) could find contracts outside Greece, in places like Algeria, Turkey, and Sub-Saharan Africa, where energy infrastructure was desperately needed. Its metals trading operations had relationships across the Balkans and Mediterranean. When the Greek market collapsed, other markets remained viable.
Second, vertical integration. By producing its own power for the aluminum smelter, Mytilineos could manage energy costs in ways that standalone smelters could not. The synergy between energy and metals—which had been the strategic thesis from the beginning—proved its worth under the most adverse conditions imaginable.
Third, financial discipline. While other Greek companies had gorged on cheap pre-crisis credit, Mytilineos maintained relatively conservative leverage. When the banking system froze, the company had enough liquidity to survive.
Fourth, export orientation. The aluminum and alumina produced at Agios Nikolaos were sold globally, priced in dollars. As the crisis weakened Greek labor costs (a grimly ironic silver lining), the facility's competitive position in global markets actually improved.
His speech was a lesson for young entrepreneurs and leaders: strategic vision, resilience to crises, and investment in human resources are the key components for a successful path in the global market.
By 2015, as Greece signed its third bailout agreement and began its slow recovery, Mytilineos Holdings had not merely survived—it had strengthened its competitive position. The company was ready for its next transformation.
Inflection Point #3: The 2017 Corporate Merger
The holding company structure that had served Mytilineos well during the growth years had become a liability. With multiple listed subsidiaries—METKA on one exchange, Aluminium of Greece on another, Protergia unlisted—the corporate structure was complex, opaque to international investors, and inefficient from a capital allocation perspective.
In 2017, Mytilineos executed a sweeping corporate reorganization.
In 2017, the parent company absorbed its subsidiaries (Aluminium of Greece, METKA, Protergia), forming a large-scale industrial and energy multinational company, which multiplied its size, expanded its activities to all five continents, and improved its credit rating.
The Boards of Directors of the companies "MYTILINEOS HOLDINGS S.A." ("MYTILINEOS"), "METKA INDUSTRIAL – CONSTRUCTION SOCIETE ANONYME", "ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME", "PROTERGIA POWER GENERATION AND SUPPLIES SOCIETE ANONYME" and "PROTERGIA AGIOS NIKOLAOS POWER SOCIETE ANONYME OF GENERATION AND SUPPLY OF ELECTRICITY" have decided to commence the process of the merger into a single entity.
Why did this matter? Consider it from an equity analyst's perspective. Before the merger, valuing Mytilineos required understanding multiple entities with different ownership structures, intercompany transactions, and reporting standards. After the merger, there was one company with one consolidated financial statement.
The streamlined structure also unlocked operational synergies. With energy, metals, and EPC construction all under one roof, capital could flow to the highest-return opportunities without navigating between separate legal entities. Management could optimize across the entire value chain.
The timing was also significant. By 2017, Greece was emerging from its bailout programs. International investors were cautiously returning to Greek assets. A simpler, more transparent corporate structure made Mytilineos a more compelling investment.
He was elected president of the Hellenic Federation of Enterprises (SEV), Greece's primary confederation representing large and medium-sized enterprises, in December 2017, marking the first time a heavy industry representative led the organization.
Evangelos Mytilineos himself had become a figurehead for Greek business resurgence. His election to lead SEV symbolized a broader recognition that Greece's economic future lay not in financial services or tourism alone, but in competitive industrial production.
Inflection Point #4: The Green Pivot (2019–2022)
The late 2010s brought new challenges and opportunities. The European Green Deal, unveiled in 2019, committed the EU to carbon neutrality by 2050. For an energy-intensive company like Mytilineos—whose aluminum smelter consumed vast quantities of electricity—this wasn't a peripheral concern. It was existential.
Rather than resist the green transition, Mytilineos embraced it.
In 2021, he set a target to reduce emissions by 30% by 2030 and achieve net-zero emissions by 2050, positioning METLEN Energy & Metals as one of the first companies in Europe to embed bold sustainable growth targets in its operations.
The company had already invested over €600 million in modernizing the Aluminium of Greece facility. Now it pivoted toward renewable energy with equal intensity. In fact, the portfolio of Renewable Energy Sources now reaches more than 10 GW across five continents, while the company implements significant investments in this direction, which exceed 1 billion euros.
In 2022, another corporate transformation formalized this strategic direction.
In 2022, the new corporate transformation created MYTILINEOS Energy & Metals, an even more dynamic and flexible company, geared towards the energy transition and digital transformation trends, based on sustainable development and circular economy.
The "Energy & Metals" rebranding wasn't mere marketing—it reflected a genuine rebalancing of the business. The company established a dedicated Renewables & Storage Development Business Unit, signaling that solar, wind, and battery storage were now core activities rather than peripheral diversifications.
The timing proved fortuitous. Russia's invasion of Ukraine in February 2022 sent European energy markets into chaos. Natural gas prices spiked to unprecedented levels. Electricity costs soared. Aluminum smelters across Europe shuttered, unable to afford the power required to keep their furnaces running.
"2022 was a milestone year for MYTILINEOS, not only due to the Company's historically high performance against a negative international environment, but above all because it was the year of transition to a new era through its corporate transformation into MYTILINEOS Energy & Metals. Last year, MYTILINEOS faced challenges such as the unprecedented energy crisis and its impact, the lengthy war in Ukraine and its effects, the rapid increase in energy costs and interest rates, and the highest inflationary pressures recorded since the 1970s."
The synergistic model proved its worth yet again. Because Mytilineos produced its own power and controlled its gas supply chain, the aluminum smelter could keep operating while competitors faltered. The company's integrated position turned a crisis into an opportunity.
The Modern Era: Becoming a Global Champion (2023–2025)
The past three years have transformed Metlen from a successful Greek conglomerate into a genuine European industrial champion. A series of strategic moves have expanded the company's reach, secured its supply chains, and positioned it at the center of Europe's drive for strategic autonomy.
2023: Securing the Bauxite Supply
Athens, Greece – 1 February 2024 – MYTILINEOS Energy & Metals hereby announces the completion of the acquisition of 100% of the shares of IMERYS BAUXITES GREECE SINGLE MEMBER SOCIETE ANONYME and the change of the latter's corporate name to "EUROPEAN BAUXITES". This strategic move broadens MYTILINEOS' portfolio and makes the company the largest bauxite producer in the European Union.
The Imerys acquisition extended the company's vertical integration upstream. The acquisition is carried out by MYTILINEOS, but in a second stage, IMERYS BAUXITES will merge with the 100% subsidiary Delphi Distomon, with a total production of more than 1.2 million tonnes whilst fully exploiting internal synergies.
2024: The Rebrand
Athens, Greece – 04.06.2024 – Today marked a new, even more dynamic chapter in the evolution of MYTILINEOS Energy & Metals, as the company presented its new corporate brand and renewed corporate image. A major milestone - an evolution that reflects an unwavering commitment to growth, innovation and a global footprint.
The rebranding symbolized a deliberate detachment from the family name to foster a stronger international brand identity, aligning with the company's ambitions for global expansion and operations across 40 countries on five continents.
Evangelos Mytilineos described the name change as "a sacrifice of the name"—a striking admission from someone whose family had built the business over four generations. "As difficult as it is for me, as the company is like my third child, we are motivated and devoted to reaching new heights that a Greek company has never conquered."
2025: The London Listing and FTSE 100 Inclusion
The London listing was years in the making. By moving its primary listing to the London Stock Exchange, Metlen gained access to deeper capital markets, broader institutional ownership, and enhanced visibility among global investors.
It is also a hugely important transaction for the London market, being the largest listing of a European business in London since 2017.
The group, which thanks to its shares rising over 50 per cent in 2025 now boasts a market capitalisation of €6.4bn, will shift its primary listing from Athens to London on 4 August in a move it said underlined "the compelling offer and enduring attraction of UK capital markets."
The speed of the FTSE 100 inclusion astonished market observers.
Less than a month after listing its shares in London, Metlen Energy and Metals Plc is on the verge of gaining a place in the UK's blue-chip stocks benchmark. The company, whose business includes renewable energy, natural gas trading and aluminum production, will be added to the FTSE 100 Index.
JP Morgan estimates that the net positive impact from passive funds could exceed $400 million.
The Gallium Breakthrough
Perhaps the most strategically significant development has been Metlen's entry into gallium production.
METLEN Energy & Metals announces that the Metallurgy Committee, in a joint session with the Capital Allocation Committee, made the Final Investment Decision today, January 16, 2025, to proceed with the implementation of a new large-scale investment in the production of bauxite, alumina, and Gallium. This landmark project, to be implemented in Agios Nikolaos, Viotia, within the historic "Aluminium of Greece" plant, represents a milestone in the history of the Metallurgy Sector. It will significantly enhance the production capacity while incorporating Gallium into industrial production for the first time, a critical material for Europe's future. The €295.5 million investment plan aims to achieve a total production capacity of 2 million tonnes of bauxite (annually), 1,265,000 tonnes of alumina (up from 865,000 tonnes currently), and 50 MT of Gallium for the first time.
Specifically for Gallium, it should be noted that it is a by-product of certain qualities of bauxite (including Greek bauxite) during the refining process into alumina, with its production being almost entirely concentrated in China. However, China's decision to impose export restrictions on Gallium (July 2023) highlighted the West's vulnerability and the need to diversify supply sources. METLEN's investment enables Europe to completely substitute Gallium imports, significantly bolstering its strategic autonomy.
Ratified on 25 March, the firm says that the decision marks a milestone for European metallurgy and Greek mining activity, as it is the only project that decisively strengthens Europe's strategic autonomy in bauxite, alumina (and aluminum) and gallium, all of which are classified as 'critical raw materials'. Out of the 170 projects submitted across Europe, 47 projects from 13 EU member states were approved.
Defense: A New Frontier
Greek energy and metals company Metlen is pursuing more alliances with European defense contractors after sealing French and Italian deals in the past two weeks.
METLEN has approved a €50M investment for its fourth defense factory in Volos, creating the METLEN Technologies Hub. The 10,000-square-meter facility, set to open in 2027, will produce Leopard 2A8 tank components, create 200–250 jobs.
METLEN Energy & Metals has entered into an exclusive partnership with KNDS France for the production of the French latest generation of 8x8 Infantry Fighting armoured Vehicle, VBCI PHILOCTETES® marking a significant milestone in European defence industrial cooperation. This is the first time that the French leader in land defence has signed such an ambitious agreement for 8x8 armoured vehicles. This exclusive alliance will involve the transfer of know-how concerning aluminium armour.
The Rio Tinto Partnership
METLEN Energy & Metals is pleased to announce that it has entered into two long-term strategic agreements with Rio Tinto, securing supply chain improvements in both Bauxite and Alumina. More specifically, as previously announced, METLEN has committed to a large-scale expansion of its Alumina production capacity with a landmark investment at the historic 'Aluminium of Greece' plant. This investment will significantly increase the refinery's alumina output from 865,000MT to 1,265,000 tonnes annually. Under the Bauxite Supply Agreement, Rio Tinto will supply approximately 14.9 million metric tonnes of bauxite from the CBG mine in Guinea over an 11-year period (2027-2037).
Metlen has signed two strategic agreements with Rio Tinto, securing a long-term bauxite supply and alumina distribution deal worth approximately $3.5 billion.
The Business Model Deep Dive
At its core, Metlen's competitive advantage derives from a synergistic model that few competitors can replicate. The company operates across two interconnected sectors—Energy and Metals—that reinforce each other in ways that create value invisible on a segment-by-segment analysis.
The Energy-Metals Synergy
Headquartered in Athens, it employs over 5,400 staff directly and indirectly, maintains a vertically integrated metals production chain—Europe's only such facility for bauxite to aluminum—and positions itself as Greece's largest private energy operator, with activities spanning more than 30 countries across five continents.
Consider the aluminum smelter. Smelting aluminum requires enormous quantities of electricity—roughly 14,000 kWh per tonne of metal produced. Most European smelters purchase this power from the grid at market prices. Metlen produces much of its own power through gas-fired and renewable generation. When power is cheap (often during periods of high renewable output), the smelter can run at full capacity. When power is expensive, the smelter can reduce output while the energy division profits from high prices.
The above, in combination with the crucial synergies offered by the coexistence of the Energy and Metals Sectors, such as the ability of the aluminum factory, in a battery-like manner, to exploit the particularly low energy prices that arise due to oversupply at specific times of the day, maintain the Company among the most competitive aluminum and alumina producers worldwide.
This operational flexibility is nearly impossible for standalone aluminum producers to replicate. It's also why Metlen's Aluminium of Greece facility kept operating profitably through the 2022 energy crisis while competitors across Europe shuttered their plants.
The Four Business Pillars
Today, Metlen operates across four main business units:
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Power & Gas: Thermal generation (1.7 GW of CCGT capacity), natural gas trading, and energy supply to retail and industrial customers. Protergia is the biggest private company for the production and supply of electricity and natural gas in Greece. It is a subsidiary and is 100% owned by the Metlen Energy & Metals. Protergia is Metlen Energy & Metals Electricity and Natural Gas provider, the largest private energy company in Greece.
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Metallurgy: Bauxite mining, alumina refining, primary aluminum smelting, and secondary aluminum recycling. It has an annual production capacity exceeding 190,000 tons of primary aluminum and 865,000 tons of alumina.
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Renewables & Storage Development: Global solar and BESS development, construction, and asset rotation. Its renewable portfolio at end Q124 totalled 0.8GW of installed capacity, with projects spanning Greece and international markets, and is growing strongly organically with a pipeline of 12.0GW in solar capacity. The development of its RES projects is based on an asset rotation model.
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Sustainable Engineering Solutions (M Power Projects): EPC construction for power plants, infrastructure, and increasingly, defense applications.
The Greek Utility: A "Utility of the Future"
During 2024, METLEN saw a substantial strengthening of its Greek Utility, the integrated energy provider of the new era, which market share approached the 20% at the end of the year, for both the production and supply of electricity, leveraging on the Energy sector's vertical integration.
METLEN in the upcoming period is expected to exceed the 20% of the Greek consumption, aiming to create an integrated "green" utility with international presence, while the ultimate goal of achieving a 30% market share, over the next 2-3 years, via both acquisitions as well as organic growth, remains intact.
Notably, the Company surpassed the 20% market share threshold in electricity supply in Greece for the first time, with power generation accounting more than 18% of total Greek demand.
The Asset Rotation Model
In renewables, Metlen has pioneered an approach that differs from typical utility-scale developers. Rather than building projects and holding them indefinitely, the company develops projects, builds them through its EPC capabilities, and then sells them to infrastructure funds or yield-seeking investors—recycling capital into new development.
Supported by its geographically diversified, self-funded business model, with reduced capital requirements, the successful Asset Rotation Plan allows the Company to consistently drive the growth in profitability of M Renewables, capitalizing on its international experience and network of partners, with operations and presence across more than 20 countries. During 2024 alone, METLEN proceeded to conclude agreements for the sale of photovoltaic (PV) projects with total capacity of c.1GW, in Europe.
This model generates recurring EPC revenue, development margins, and asset sales proceeds while avoiding the capital-intensive burden of holding completed projects on the balance sheet.
Porter's Five Forces Analysis
1. Threat of New Entrants: LOW
Metlen aluminium plant is one of the strongest pillars of Greek industry and has established itself as one of the strongest players in the Metallurgy sector in the European Union, with an annual production capacity that exceeds 190,000 tons of aluminium and 860,000 tons of alumina.
Building an integrated bauxite-to-aluminum chain requires billions in capital and decades of operational expertise. It has completed more than 50 years of operation and 15 years of development, with investments that exceed €600 million dedicated on the technological modernization of the facilities. In energy, regulated markets, licensing requirements, and existing infrastructure create substantial barriers. First-mover advantage in Greek energy liberalization further protects market position.
2. Bargaining Power of Suppliers: LOW to MODERATE (declining)
To secure its raw material supply chain, Metlen has signed two long-term agreements with Rio Tinto. The first agreement will see Rio Tinto supplying approximately 14.9 million tonnes of bauxite from the CBG mine in Guinea to Metlen over an 11-year period, from 2027 to 2037.
The Imerys acquisition, combined with the Rio Tinto partnership, substantially reduces supplier power. For natural gas, Metlen's position as a major importer with multiple supply sources provides negotiating leverage.
3. Bargaining Power of Buyers: MODERATE
Aluminum is a global commodity—the company has limited pricing power beyond premia for specialized products. However, the growing retail energy customer base (approaching 711,000 meters) provides some pricing flexibility, and industrial customers value the reliability and competitive pricing that vertical integration enables.
4. Threat of Substitutes: LOW
Aluminum's unique combination of lightweight strength, conductivity, and recyclability makes it irreplaceable in many applications. Its importance is actually growing with the energy transition—electric vehicles, solar panel frames, and grid infrastructure all require aluminum. The company's focus on sustainability is reinforced by its subsidiary EP.AL.ME, which is the largest independent producer of recycled aluminum.
5. Competitive Rivalry: MODERATE
In Greece, Metlen holds dominant positions in both private energy and metals production. Globally, aluminum competition exists, but European strategic importance creates a defensive moat. "In Greece, in our Group, we have the only fully vertically integrated complex in Europe that includes bauxite, alumina and aluminum. Unfortunately, there are not many left in Europe, perhaps 4-5 out of 15 10 years ago, due to high energy costs and none that are vertically integrated."
Hamilton's 7 Powers Analysis
1. Scale Economies: STRONG
It has an annual production capacity exceeding 190,000 tons of primary aluminum and 865,000 tons of alumina. As Europe's only vertically integrated aluminum producer, Metlen achieves scale economics unavailable to competitors who must purchase bauxite, alumina, or power on the open market.
2. Network Economies: MODERATE
The energy business exhibits some network effects. As customer count grows, fixed costs (trading infrastructure, IT systems, customer service) are spread across more accounts, improving unit economics. The ~711,000 retail meters create procurement leverage and operational efficiencies.
3. Counter-Positioning: STRONG
Metlen's synergistic model is difficult for traditional competitors to adopt. A standalone aluminum producer can't easily become an integrated utility. A standalone utility lacks the industrial demand base that makes Metlen's model work. Competitors would have to cannibalize existing business models to replicate Metlen's approach.
4. Switching Costs: MODERATE
Energy customers face some switching costs (contracts, meters, relationships), but retail power remains relatively commoditized. Industrial relationships—particularly long-term power purchase agreements—create higher switching costs. In metals, customer relationships built over decades create stickiness.
5. Branding: MODERATE
The Protergia brand has built recognition in Greek energy retail. The Metlen rebrand is designed to create international recognition. In industrial metals, brand matters less than quality, reliability, and price.
6. Cornered Resource: STRONG
Right now METLEN, through "European Bauxites S.A.", is the largest bauxite producer in the European Union. Greek bauxite deposits, refined over decades of operational knowledge, represent a cornered resource that cannot be replicated. The pending gallium production—Europe's first—creates another cornered resource position.
7. Process Power: STRONG
Dimitris Stefanidis, head of metallurgy at METLEN, emphasized that their new technology processes all types of unrefined metals, is flexible, allows simultaneous recovery of multiple metal types, achieves a 98% recovery rate, and ensures zero emissions. The company's circular metals technology, developed in-house, represents genuine process innovation that competitors cannot easily replicate.
Investment Considerations: Bull and Bear Cases
The Bull Case
European Strategic Asset: Metlen sits at the intersection of multiple EU policy priorities—energy security, critical minerals autonomy, defense industrial base, and decarbonization. METLEN Energy & Metals says that its flagship investment in gallium production at the historic Aluminium of Greece industrial unit has been officially recognized as a Strategic Project by the European Commission under the Critical Raw Materials Act (CRMA). Following an extensive technical evaluation by independent experts, the European Critical Raw Materials Board recommended the designation of METLEN's investment as a Project of Strategic Importance for the EU.
Growth Optionality: The company has articulated an ambitious medium-term target of €2 billion EBITDA, roughly doubling the current base. Metlen targets EBITDA of about EUR2 billion in the medium term (2024: EUR1.1 billion), through higher utility and metals capacity and a doubling of the contribution from the engineering, procurement and construction (EPC) segment and infrastructure. The pathway includes gallium production (from 2027), circular metals, defense expansion, and Greek utility market share gains.
FTSE 100 Tailwinds: The move paves the way for new investment inflows from international funds and institutional investors, as the world's largest funds and ETFs are necessarily positioned in the index's shares. JP Morgan estimates that the net positive impact from passive funds could exceed $400 million.
Financial Strength: Despite the intensive CAPEX program that is in full swing, adjusted Net Debt to EBITDA stood at 1.7x, in line with METLEN's financial policies. The company maintains strong liquidity (€3.5 billion) and conservative leverage while executing an aggressive growth program.
The Bear Case
Greek Concentration: Despite international diversification, a significant portion of EBITDA remains tied to Greece. Political instability, regulatory changes, or renewed economic troubles could disproportionately impact results.
Commodity Exposure: Aluminum prices are cyclical and subject to global supply-demand dynamics. While vertical integration provides some protection, a prolonged commodity downturn would pressure metals segment profitability.
Energy Price Volatility: The company benefited from the 2022 energy crisis, but normalized prices could reduce trading margins. The synergistic model cuts both ways—energy and metals are correlated exposures.
Execution Risk: The ambitious growth plan (gallium, circular metals, defense, utility expansion) requires flawless execution. Project delays, cost overruns, or market changes could impair returns on significant capital commitments.
Key Person Risk: Evangelos Mytilineos has led the company since 1978—47 years. At 71 years old, succession planning becomes increasingly relevant. The strategic vision, relationships, and operational expertise he provides cannot be easily replaced.
Key Performance Indicators for Investors
For long-term investors tracking Metlen's progress, three KPIs warrant particular attention:
1. Greek Utility Market Share The company has set a target of 30% market share in Greek electricity retail and supply. Notably, the Company surpassed the 20% market share threshold in electricity supply in Greece for the first time. Progress toward this target indicates the health of the core domestic business and the "Utility of the Future" strategy. Track quarter-over-quarter meter count and market share evolution.
2. Metals Segment EBITDA Margin The interplay between aluminum prices, alumina prices, energy costs, and operational efficiency drives metals profitability. The Metals Sector, in 2024, recorded a new historical record of profitability, as a result of both the strengthening of aluminum premia and the API price of Alumina. Consistent margin performance despite commodity volatility validates the synergistic model. Weakness here would challenge the core thesis.
3. Renewables Asset Rotation & EPC Backlog The asset rotation model generates value through development, construction, and sale of renewable projects. During 2024 alone, METLEN proceeded to conclude agreements for the sale of photovoltaic (PV) projects with total capacity of c.1GW, in Europe. Track MW sold, development margins, and the EPC backlog for visibility into future earnings and capital recycling efficiency.
Conclusion: The Making of a European Champion
The story of Metlen Energy & Metals is, at its core, a story about strategic patience and opportunistic boldness. For 117 years, through world wars and civil wars, dictatorships and democracies, commodity booms and economic catastrophes, the Mytilineos family has built, adapted, and grown.
The 2005 aluminum acquisition—when "no other businessman dared"—exemplifies the philosophy. So does the 2010 LNG import that broke a state monopoly. So does the 2025 London listing that positioned a Greek company among Britain's blue-chip elite.
"Metlen Energy & Metals' addition in the FTSE 100, less than a month after our listing on the London Stock Exchange, marks a new chapter in the company's international growth story. It reflects the confidence of international investors in our vision and our ability to create sustainable growth on a global scale. We are proud to be the first Greek multinational to reach this milestone and join the FTSE 100 while trading in euros."
For investors, Metlen presents a rare opportunity: a European industrial company with genuine competitive advantages (vertical integration, process power, cornered resources) positioned at the center of policy-driven megatrends (energy transition, critical minerals autonomy, defense reindustrialization). The business model has proven resilient through Greece's economic collapse and Europe's energy crisis.
Risks remain. Commodity cyclicality, execution challenges, and geographic concentration all warrant monitoring. But the strategic positioning is compelling, the financial profile is strong, and the management team has demonstrated an ability to navigate crises that would have destroyed lesser companies.
From a small metalworking shop in Piraeus in 1908 to a FTSE 100 constituent in 2025—the journey continues.
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