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MAL ownership unchanged, says CEO

Hungarian aluminum maker MAL Magyar Alumínium (MAL) has retained its ownership structure from the period before last October's the red sludge disaster, CEO Zoltán Bakonyi said on Friday.

Bakonyi said MAL spent HUF 750 million on upgrading its technology since last October’s sludge spill disaster. MAL closed 2010 with revenue of HUF 30 billion, though the shutdown in October put the company in the red for the year, Bakonyi said.

Revenue in 2011 will surpass the figures of last year, while the company has been showing positive earnings figures since April following a difficult technical transition during the first three months of the year, Bakonyi added.

MAL returned to independent management from July 1 after a period of almost nine months under state supervision.

A containment reservoir burst at MAL's plant in Ajka (C Hungary) last October 4, killing ten people and flooding two nearby villages with red sludge. The Parliament on October 11 passed legislation allowing the government to take temporarily take control of the company.