Transforming Energy and Metals Worldwide
Metlen Energy & Metals is ramping up a sweeping transformation plan that stretches from battery storage and renewables to gallium production and defense manufacturing, targeting a medium-term EBITDA of €1,900–€2,080 million (excluding mergers and acquisitions impact) and positioning the company as a rare European industrial with major energy and metals operations.
Metlen—rebranded from Mytilineos—held strong in 2024 even as commodity prices softened, posting a record consolidated turnover of €5.68 billion, up 3% from 2023, and €1.08 billion in EBITDA, a 7% year-on-year increase.
An energy platform spanning 40+ countries
With a dual identity as an integrated utility and energy transition platform, Metlen is gaining traction across more than 40 markets spanning Europe, North and South America, Asia and Australia.
At the end of 2024, Metlen’s installed renewable energy sources (RES) capacity surpassed 1.4 GW, with its total RES portfolio reaching 11.1 GW. Renewables output jumped 40% year-on-year, while the company’s asset rotation plan has enabled solar PV project divestments at peak valuations.
The UK remains a strategic focus, with Metlen managing €2.5 billion in projects, including the £2 billion Eastern Green Link 1 subsea interconnection. Once operational, it is expected that EGL1 will supply power to over 2 million homes. In Italy, Metlen is delivering 3.7 GW across more than 180 projects. The company is adding 25,000 new customers each month across 10 countries, as it aims to reshape energy access and reliability across Southeastern Europe.
Europe’s bauxite giant and gallium innovator
In metals, Metlen is capitalizing on European supply chain uncertainty. The company’s 2023 acquisition of Imerys Bauxites made it the EU’s largest producer. Its next leap: a gallium production line that could eliminate Europe’s import dependence on China.
Metlen’s new circular metals technology, coming to fruition after years of R&D investment, and announced in London this spring, can efficiently recover critical metals from industrial residues. “We are proving our commitment to innovation, sustainable development and the circular economy,” says Chairman and CEO Evangelos Mytilineos.
Earlier this year, the firm struck an 11-year alumina supply deal with Rio Tinto, which will increase bauxite production starting in 2027–28. And under the EU’s Global Gateway initiative, it is advancing a 10-million-ton-per-year bauxite project in Ghana with GIADEC.
Defense manufacturing
In Volos, Greece, Metlen has secured a 60-acre site for a new defense hub that will produce armored vehicle components and specialized military vehicle structures. Five plants are planned, marking a significant industrial development in Metlen’s historic home base and extending its reach into defense manufacturing.
Looking ahead
As 2025 unfolds, Metlen’s message is clear: It is not growing for growth’s sake, but building a resilient, diversified and value-driven enterprise that can thrive across market cycles. “We’ve done it in the past, we’ve done it before, and I can assure you, we can do it again,” says Mytilineos.”
