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ABC - Adbri News Story

A$2.28 0.0  1.3%

Last Trade - 7:10am

Sector
Basic Materials
Size
Mid Cap
Market Cap £814.9m
Enterprise Value £1.10bn
Revenue £832.8m
Position in Universe 205th / 1835

BUZZ-ADBRI eyes worst day since 1987 as Alcoa contract loss seen as a 'real blow'

Fri 3rd July, 2020 3:38am
** Construction firm ADBRI Ltd  ABC.AX  slumps as much as
27.9% to A$2.270, marks worst intraday pct loss since Oct 1987
    ** ADBRI says unit has been informed that Alcoa of Australia
Ltd elected not to renew lime supply contract expiring on June
30, 2021  urn:newsml:reuters.com:*:nASX7NnFld
    ** Co says contract brings in about A$70 mln ($48.45 mln) in
annual revenue, and non-renewal is not expected to materially
impact revenue until post June 2021
    ** Alcoa's lime off-take has been regarded a stalwart of the
ABC earnings story and the loss of high-margin material,
replaced by imports, is a real blow - Jefferies
    ** Broker adds this is a very large loss for ABC in "more
ways than one" and finding alternative storage for a significant
proportion of the lime looks challenging
    ** Stock hits lowest since April 24
    ** About 24 mln shares change hands, more than seven times
the 30-day average volume of 3.2 mln shares
   


($1 = 1.4447 Australian dollars)

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))
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