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Week in Review: A summary update on global primary aluminium industry
AlCircle presents a weekly recap to get you up-to-date with the global primary aluminium industry’s headlines. We have seen many companies announcing their Q4 and yearly results and sharing their outlook on the coming quarters. Let’s catch up with the following top stories from the past week.
EGA’S net profit increases by 10 percent in 2016
Emirates Global Aluminium (EGA) has announced its 2016 net profit reports indicating a hike of 10 per cent with 2.1 billion dirhams ($572 million) profit despite of low in the revenue. EGA’S aluminium production increased by 2.5 million tonnes in 2016 compared to 2.4 million tonnes in 2015, as per company reports.
Century optimistic about recovery despite continuous loss in Q4 and full year 2016
Century Aluminum Company reported a net loss of $168.5 million for Q4 2016 in comparison to the net loss of $43.1 million in Q4 2015.The company also reported a net loss of $252.4 million for the full year 2016 compared with a loss of $59.3 million in 2015.
China orders production cut on alumina and aluminium to control pollution
China has ordered aluminium producers to curtain their aluminium and alumina production capacity by more than 30 percent in 28 cities during winter months as Beijing has been facing smog problems for years.
Rio Tinto to slash Boyne aluminium smelter's annual production
Rio Tinto has planned to cut down 80,000 tonnes of annual production and more than 100 jobs at its Boyne aluminium smelter in Gladstone. The annual aluminium production of the smelter is valued at $US160 million at current prices. The reason behind this decision is that the company has not being able to negotiate power contracts with the state power providers.
Vedanta wins Platinum and Gold at LACP Vision Awards
The Annual Reports of Vedanta Limited and Vedanta Resources Plc won Platinum and Gold, in the Materials and Energy - Equipment & Services category respectively, at the LACP Vision Awards 2016. The awards recognize best practice in international financial reporting.
Alcoa Corporation streamlines company structure
Alcoa Corporation announced that it is consolidating its business units to reduce complexity. The aluminum smelting, cast products and rolled products businesses, along with the majority of the energy segment assets, will be combined into a new Alcoa Aluminum business unit (BU). As a result, the Company’s three business units are Alcoa Bauxite, Alcoa Alumina and Alcoa Aluminum.
Russia intends to form an OPEC for the aluminium industry
Russian Industry and Trade Minister Denis Manturov said that Russia is planning to form an OPEC kind of network for the global aluminium industry. Manturov said that the formation of such kind of organization for aluminium industry is at the first stage of proposal and involvement of industry ministers “would be enough".
Indonesia government to appoint Inalum to manage freeport management
The Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan announced that the government has planned to take over the management of PT Freeport Indonesia if it wins in the international arbitration tribunal. For that, the government would appoint state-owned aluminium producer PT Indonesia Asahan Aluminium (Inalum).
U.S. Senator stands by Pennex Aluminum in their fight against unfair trade practices
U.S. Senator Rob Portman (R-OH) recently visited Pennex Aluminum Company in Leetonia, Ohio to meet with aluminium manufacturing leaders and workers there and hear out the problems they have been facing in recent times due to rising unfair trade practices.
EGA may consider an IPO in 2017
According to sources, Emirates Global Aluminium (EGA), the largest aluminium producer in the Middle East is considering an initial public offering (IPO) to sell shares after the recovery in global commodity prices. The UAE is seeking advisers for a potential initial public offering on the local stock exchange in this year.Get fresh Aluminium data and insights
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