Vimetco said the project is currently suspended “due to the impact of the international financial crisis.”
Vimetco, owner of Romanian smelter Alro Slatina (ALR.RO), and Interagro announced in 2008 a project to build a 1,100-MW power producing unit, an investment of around $1.5 billion. The power plant would have totally covered the power necessities of Alro, the largest electricity consumer in Romania.
In Romania, Vimetco posted net profit of $57.4 million in 2010, up 19.5% on the year.