Mytilineos Aims to Increase Output to Reach 4% of Greece's GDP


During an event organized by the Piraeus Chamber of Commerce and Industry, Evangelos Mytilineos, the chairman and chief executive of Mytilineos, a company listed on the Athens stock exchange, expressed his anticipation of the company's increased output to account for up to 4% of Greece's gross domestic product (GDP).

Currently, Mytilineos contributes 3% to the country's GDP, but Mytilineos aims to achieve the 4% mark by 2024. Additionally, Mytilineos emphasized that 70% of the company's sales are directed towards international markets. The chairman also mentioned that the latest transformations within the company resulted in two distinct entities: MYT Energy & Metals and a revamped METKA, both contributing to the sectors of construction and accession. Moreover, as an honor, Mytilineos was bestowed with the title of an honorary member of the chamber at the event.

“Starting from a family business, Mytilineos is a modern multinational company with a presence in 40 countries and five continents with a workforce of around 5,500 workers. We have created a model of synergies within the company combining its industrial heritage, compatible energy operations, significant activities in renewable energy sources, metallurgy and innovation in AI,” he said

EIB supports Mytilineos with €400mn renewable acceleration

The European Investment Bank has committed €400 million ($437.7 million) to support Greek company Mytilineos Energy and Metals as it accelerate renewable energy production across Greece and other EU states.

Mytilineos will deploy a new portfolio of solar PV and battery storage systems projects in the period through 2027 that will add capacity of approximately 2.6GW. The investment is estimated to total €2.5 billion ($2.7 billion), with projects rolled out across the EU.

In addition to the deployment of solar and storage capacity, the new EIB financing will help upgrade the existing electricity grid and enable better management of power supply, increase reliability, and cater for future demand.

Copyright Greekcitytimes 2024