Evangelos Mytilineos, the CEO of Metlen, isn’t just dreaming unicorn smoke, he has dollars to profits on the London Stock Exchange. His enthusiasm follows the company’s successful move from Athens to London. In August, Metlen took a step that shows sophistication in its operations and smartly bolsters its place in the booming UK market. Now operating in 40 countries with almost 10,000 employees, the company is valued at more than £5 billion. Mytilineos noted that Metlen is currently the fastest company to have ever entered the FTSE 100. This exclusive index tracks the United Kingdom’s most valuable publicly traded companies.
Mytilineos emphasized the cultural and business alignment of London with Metlen’s operations, stating that many executives feel at home in the UK. “First of all, most of our executives have started in England,” he remarked. He went on to say, “They all have a sense of place and comfort in the UK. We have a formidable place in the UK. Moreover, most of our activities are focused in Europe. Not much to do with the US.”
In his capacity as president of Eurometaux, Europe’s association for the non-ferrous metals, Mytilineos addressed urgent issues of skyrocketing energy costs. He called these increasing costs a major impediment for both European and UK consumers. “The situation with energy costs in the UK and in Europe for the industry is not viable,” he stated. High energy prices are killing off a number of electro-intensive businesses. As a consequence, more than half of them have closed permanently over the last three years.
Mytilineos underscored how many companies want to find ways to get going with sustainable projects. Throughout this discussion, they pointed toward the future of the Green Revolution. Beyond that, he contended, there’s no transparency on what such transitions would cost. “The question should have been, are you prepared accepting the fact that 30% of your salary for the next 30 years would have to be spent in the green transition, and then maybe the answer would have been very different,” he said.
Mytilineos took the opportunity to reiterate his belief that politicians have not been honest about the cost of moving to new energy systems. He called for earlier and more honest conversations about infrastructure spending and better efforts to engage the public to build support for these necessary shifts. “Let’s sit down. How much money do we have, how much of that can we spend on infrastructure?” he posed.
He recognized that for all its failings, London is still one of the world’s leading financial centers. “Frankfurt, Paris, Milan or Amsterdam have not managed to overtake London and having withstood a difficult period, I think is on course to get back to the top,” he asserted.
Mytilineos previously slammed US stock exchanges for their “overcrowded” state. He argued that if Metlen made the list in the US, it would not generate the same level of buzz. His focus on London reflects his commitment to aligning Metlen’s operations with a market that he believes suits its profile better.
For Mytilineos this was an urgent topic. They urged lawmakers to face the realities of skyrocketing energy costs and recognize the burdens they are placing on our industries. His remarks highlight a growing fear in the industry about sustainability plans and their financially damaging impacts.
“The situation with energy costs in the UK and in Europe for the industry is not viable.” – Evangelos Mytilineos