METLEN’s Circular Metallurgy: A ‘Game Changer’ for the Industry

Circular metallurgy is set to be a ‘game changer’ for the industry in the coming years, according to Evangelos Mytilineos, Chairman of the Board of METLEN, speaking at the Capital Market Day in London on April 28, 2025. Specifically, METLEN plans to establish two production facilities for critical metals from industrial waste, as part of a €500 million investment. This investment aims for an annual production of 290,000 tons and is expected to yield annual profits of around €220 million, along with enhanced EBITDA of €200 million, focusing on the circular economy and sustainable use of raw materials.
The first facility will be located in Romania, producing 115,000 tons of lead and copper, while the second will be in Lihnidos, Thessaloniki, for the production of 33,000 tons of copper and nickel. After expansion, the Romanian facility could produce up to 140,000 tons. “In recycled metals, we are pioneers with proprietary technology and new units. The success of the pilot project is at 100%,” commented Mr. Mytilineos about the company’s new investments.
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. CFO Eleftheria Kontogianni noted that approximately €970 million will be invested in this technology over the next few years, with 43% allocated to recycled metals.
METLEN also plans to invest €150 million in defense to expand its defense hub in Volos, aiming to develop five factories in total. Significant progress has been made in the energy sector, which is a key pillar of the group’s broader development strategy. The company’s renewable energy projects portfolio now exceeds 2 GW under development, confirming its commitment to promoting green energy.
The existence of non-recourse EPC (Engineering, Procurement, and Construction) projects totaling over €1.5 billion provides continuous reinvestment opportunities through the Asset Rotation Model, contributing to the sustainable funding of new projects. METLEN has set a strategic goal to capture 30% of the retail energy market in Greece by 2028. Simultaneously, it strengthens its presence in energy networks, data centers, and digital demand management, positioning the group at the forefront of the European energy transition.
At the regional level, METLEN has already established trading and supply energy hubs in Italy and Switzerland. Through this strategy, it leverages the opportunities of interconnected European markets while enhancing its position in natural gas imports.
The three pillars of METLEN’s development plan include strengthening existing sectors, leveraging expertise in defense and critical metals, especially recycled ones, and internal transformation. “We are in a unique position to respond to the ever-changing industrial needs of Europe and, in this way, achieve EBITDA of €2 billion in the medium term, within 3 to 5 years,” said Mr. Mytilineos.
METLEN’s dual listing process in the London and Athens Stock Exchanges is ongoing, expected to enhance the company’s connection with international capital markets, reflecting its global activities and expanding capital-raising opportunities from institutional investors.