AlCircle News Edited By "Debanjali Sengupta"
Debanjali Sengupta is a passionate content writer with 10 years of experience in Business writing, Web Content writing, Blogging, Editing and Research. She is responsible for generating and editing content for AlCircle Newsletter and other online and offline content for enhancing the brand value and its visibility among global users.
Samsung launches new fitness band featuring aluminium frame in the Philippines market
Samsung has reportedly unveiled its entry-level health and fitness tracker Galaxy Fit 3 in the Philippines market. The product started being available in the market from February 3, 2024, featuring aluminium frame. The new fitness band comes in grey, silver, and pink gold colour options. Although the product is currently available in select market, it will soon expand to more regions in the coming days. The Samsung Galaxy Fit 3 band sports a 1.6-inch rectangular AMOLED display, with 256MB on-board storage and 16MB RAM. The product is powered by a 208mAh battery, which, according to the company, will last for up to 13 days on a single charge. The list of sensors on the fitness tracker includes accelerometer, barometer, gyro sensor, optical heart rate sensor, and light sensor. As far as...
Simon McKeon to step down as Rio Tinto’s Non-Executive Director on May 2, 2024
Rio Tinto will reportedly see a change in its board at the end of the annual general meeting on May 2, 2024, as Simon McKeon will step down as a Non-Executive Director. Since the last year, Rio Tinto appointed five new Non-Executive Directors as it continued to refresh the composition of the board. As part of that changeover, Simon McKeon has agreed to resign from the position of a Director at the conclusion of Rio Tinto’s AGM, and will not seek re-election by shareholders. Rio Tinto Chair Dominic Barton said, “I am extremely grateful to Simon for his invaluable contribution. Having regard for his roles as Rio Tinto Limited's Senior Independent Director and the Designated Director for workforce engagement, Simon has taken a particular interest in Rio Tinto's revitalised approach to...
Kaiser Aluminum posts stellar earnings for FY2023 amid economic challenges; Revenue improves 6.5% Y-o-Y
Kaiser Aluminum Corporation, an American aluminium producer specialising in semi-fabricated products, has announced its fourth quarter and full-year results for FY2023, whereby it has declared a stellar performance under the leadership of CEO Keith Harvey and CFO Neil West. The company’s financial results showcase the resilience and strategic insight that propelled an improvement even amid inflation and market destocking. In the fourth quarter, which ended December 31, 2023, Kaiser Aluminum yielded net sales of $722 million and revenue of $361 million. Although the net sales registered a year-on-year drop of 6.96 per cent from $776 million, revenue grew by 1.40 per cent from $356 million. In the full year, Kaiser’s net sales derived at $3.09 million, down by 9.91 per cent from $3.43...
Chhattisgarh Govt. signs aluminium supply agreement with BALCO for Korba Aluminium Park project
The Chhattisgarh government is determined to revive an aluminium park proposal, initially submitted in 2021, to support small-scale industries in Korba. About 140 hectares of land were required to develop the Park, but the plan was put on hold for the past few years. Recently, the newly-elected Korba legislator, Lakhanlal Dewangan, has reportedly taken the initiative to revive the plan, following which the state government has inked an agreement with Bharat Aluminium Company Limited (BALCO) to supply primary aluminium to small industries at a subsidised rate. The plan is to allow small-scale industries to install their plants in the Park to produce aluminium products using primary metal from BALCO. “An initial provision of INR 5 crore has been made in the budget proposal of the industry...
2030 sustainability goals: Carlsberg and Ball outline a roadmap to increase recycled aluminium content in cans
Carlsberg, one of the world’s leading brewery groups, and Ball Corporation, the world’s leading aluminium packaging provider, have jointly outlined a roadmap to attain shared sustainability goals by 2030. Their sustainability goals include higher recycling rates and more recycled aluminium content in cans. In the recent past, Carlsberg and Ball worked together to lightweight the former’s 33cl and 50cl cans by around 5 per cent in more than ten European countries to reduce raw material consumption and cut the carbon footprint of its value chain by approximately 5,000 tonnes every year. Carlsberg and Ball are also trialling a deposit return scheme in Serbia to increase post-consumer aluminium cans recycling. The companies have printed “Metal Recycles Forever” onto the cans to spread...
China-Singapore Base sends off its first big consignment carrying aluminium coils
On February 22, the first big export consignment, consisting of aluminium coils from Southwest Aluminium (Group) Co., Ltd., reportedly embarked on a journey from the China-Singapore (Chongqing) Multimodal Transport Demonstration Base to the Port of Manzanillo in Mexico. The consignment comprised 31 standard containers containing 620 tonnes of aluminium coils worth RMB 13 million ($1.8 billion). The China-Singapore (Chongqing) Multimodal Transport Demonstration Base, operational since 2022, is a significant outcome of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI). It focuses on improving warehousing and freight forwarding, with the goal of establishing a global multimodal transportation network. The Port of Manzanillo is one of Mexico's busiest...
January 2024: World’s both monthly and daily primary aluminium production records an upswing of 2.36%
World primary aluminium production started 2024 with an annual rise of 2.36 per cent, reaching 6.039 million tonnes during January, according to the International Aluminium Institute survey. On a month-on-month basis, the output remained restrained compared to 6.042 million tonnes. The world's primary aluminium output in January 2024 was majorly contributed by China, the world's largest producer, accounting for 58.98 per cent. According to IAI, China, during the said month, produced 3.562 million tonnes of primary aluminium, which remained mostly unchanged from the previous month's output of 3.565 million tonnes. On a year-on-year basis, China's primary aluminium production in January 2024 edged an increase of 2.83 per cent from 3.464 million tonnes. The country's daily average production...
Century Aluminum in FY2023: Net sales fall 21.3% Y-o-Y in line with shipment fall
On February 21, 2024, Century Aluminum Company announced its fourth quarter and full-year results for 2023, revealing net sales of $512.3 million in Q4 2023 and $2,185.4 million in the entire year. Both in Q4 and full-year, Century's net sales experienced a downfall of 6.03 per cent (sequentially) and 21.31 per cent (Y-o-Y), respectively, from $545.2 million and $2,777.3 million. Net sales in the fourth quarter fell despite a 1 per cent Q-o-Q rise in primary aluminium shipments from 171,995 tonnes to 173,871 tonnes. Shipments in full-year stood at 700,680 tonnes, down by 8.85 per cent from 768,691 tonnes. Century's fourth quarter results were primarily impacted by $9.2 million of net exceptional items, in particular $7.4 million related to the power equipment failure at Jamalco, $2.9...
Contact Energy yields a 70% higher net profit backed by potential deals with aluminium smelters
Contact Energy Limited, a New Zealand electricity generator, natural gas wholesaler, and electricity retailer, has experienced phenomenal financial growth in six months, ending December 31, 3023, buoyed by potential deals with aluminium smelters. As per the report, Contact Energy has earned a net profit of $153 million, up 70 per cent from the previous year and the highest in the past four years, despite extreme market volatility. Factors like increased energy costs and higher wholesale prices enabled the company to achieve this spectacular growth in profit. The need to “firm” intermittent renewable generation and high construction costs for thermal generation, particularly gas and wind power, contributed to the unexpected energy prices. In the six-month financial report, Contact Energy...
National Bank of Oman to lend financial aid to Sohar Aluminium for operational development
On Monday, February 19, the National Bank of Oman (NBO) agreed to provide a working capital facility worth US$50 million to Sohar Aluminium Co. LLC for its operational requirements. The news came after Abdullah Al Hinai, Chief Executive Officer at the National Bank of Oman, and Engr Said Mohamed Al Masoudi, CEO of Sohar Aluminium, signed an agreement to attain mutually advantageous goals while contributing to the overall economic development of the Sultanate. The agreement represents NBO's commitment to help its corporate clients with banking and financial services. A working capital facility valued at US$50 million will substantially elevate Sohar Aluminium's operational capabilities. Ghadeer Iqbal Al Lawati, Assistant General Manager - Head of Project Finance and Syndication at National...
LME aluminium price dips by $2/t but stands 1% higher M-o-M; SHFE market resumes after CNY with a 0.5% price fall
LME aluminium opened at US$2,220 per tonne last Friday, with its high and low at US$2,238 per tonne and US$2,214 per tonne, respectively, before closing at US$2,217.35 per tonne, down by US$6.50 per tonne or 0.29 per cent. On Friday, February 16, LME aluminium cash bid price and LME aluminium official settlement price stood at US$2,202 per tonne and US$2,203 per tonne, respectively, experiencing a dip of US$2.50 per tonne and US$2 per tonne from the previous day. However, on a week-on-week basis, the LME aluminium benchmark price stood US$22.50 per tonne or 1.03 per cent higher than US$2,180.50 per tonne, and on a month-on-month calculation, edged a hike of US$ 44.50 per tonne or 2.06 per cent from US$2,158.50 per tonne. On the same day, 3-month bid price and 3-month offer price grew by...
EGA will work with the UAE AI office to accelerate digitisation in industrial sectors, including aluminium
Emirates Global Aluminium and the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications office will promote the adoption of artificial intelligence (AI) across the region's industrial sectors. The news came on Wednesday, February 14, after the signing of a memorandum of understanding (MoU). The agreement has been signed by His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA, at the World Governments Summit 2024 in Dubai. His Excellency Omar Sultan Al Olama expressed his opinion during the signing that digitisation through adopting AI applications is an imperative way to accelerate digital transformation in the UAE's vital industrial...
2023: Primary aluminium production in Russia & Eastern Europe dips 1.5% despite rebound in Q4
In Russia and Eastern Europe, primary aluminium production during December 2023 stood at 345,000 tonnes, bringing the fourth quarter output to 1.02 million tonnes, according to the International Aluminium Institute. As per the data, the monthly production grew sequentially by 3.92 per cent from 332,000 tonnes, and the quarterly output increased by 2 per cent from 1 million tonnes. On a year-on-year basis, Russia and Eastern Europe’s primary aluminium production during December 2023 registered a slight growth of 2,000 tonnes from 343,000 tonnes, while the total output in Q4 amounted to the same volume. In the full year 2023, Russia and Eastern Europe’s primary aluminium output totalled 4.02 million tonnes, down by 1.47 per cent year-on-year from 4.08 million tonnes despite the growth in...
LME aluminium benchmark price grows back-to-back at 0.73%; SHFE is closed for CNY holidays
On Tuesday, February 13, both LME aluminium cash bid price and LME aluminium official settlement price continued to grow by US$16 per tonne or 0.73 per cent to settle at US$2,203 per tonne and US$2,204 per tonne, respectively. On a month-on-month basis, the LME aluminium benchmark price has recorded a surge of 1.3 per cent from US$2,175 per tonne. On the same day, 3-month bid price and 3-month offer price experienced a hike of US$18 per tonne to reach US$2,232 per tonne and US$2,234 per tonne. December-25 bid price and December-25 offer price increased by US$12 per tonne to close the day at US$2,452 per tonne and US$2,457 per tonne. The LME aluminium opening stock amounted to 525,225 tonnes on February 13 versus 525,250 tonnes on the previous day. Live Warrants and Cancelled Warrants...
Latvia DRS attains 80% return rate in 2 years with TOMRA’s reverse vending solutions
Latvia, a country on the Baltic Sea between Lithuania and Estonia, has announced its achievement of an 80 per cent return rate since it launched a deposit return system (DRS) for drink container recycling made of aluminium, plastic or glass. Latvia launched a deposit return system (DRS) on February 1, 2022, with global reverse vending leader TOMRA Collection. TOMRA’s innovative reverse vending solutions keep bottles and cans in the loop of reuse and out of streets, oceans, and landfills. Within only thirteen months between the appointment of the local DRS operator and the full public launch of the system, Latvia’s landmark achievement reflects an efficient return scheme of used containers for recycling. The deposit return system in Latvia uses a return-to-retail model, where consumers...
Hindalco in 3QFY2024: Double-digit growth in net profit due to lower input costs & steady performance
On Tuesday, February 13, Hindalco Industries Limited announced a strong double-digit growth in net profit for the third quarter of FY2024 ended December 31, 2023. As per the report, the Aditya Birla Group Company’s consolidated net profit soared 71 per cent year-on-year to amount to INR 2,331 crore, driven by robust performance across aluminium and copper business segments. Hindalco’s consolidated EBITDA was INR 6,322 crore, up 61 per cent year-on-year on account of lower input costs and strong operating performance. In the Indian aluminium segment, upstream business EBITDA for the quarter was INR 2,443 crore, up 54 percent Y-o-Y. Consolidated revenue for the third quarter of FY2024 was INR 52,808 crore – 1 per cent less than INR 53,151 crore a year ago. Revenue from the upstream segment...
Vedanta Aluminium launches one-of-a-kind, integrated e-commerce platform for primary aluminium product sales
Vedanta Aluminium has reportedly launched an e-commerce platform called Vedanta Metal Bazaar for primary aluminium product sales. The platform will facilitate buyers with a real-time shopping experience, providing AI-based price discovery, end-to-end visibility of purchases, and in-time delivery. As per the report, there are 750 aluminium products listed on Vedanta Metal Bazaar. Products include ingots, billets, foundry alloy, wire rods, rolled products, flip coils, hot metal, and in-house low-carbon aluminium Restora. In addition, the e-superstore also offers customised solutions tailored to the needs of the company's customer base. The platform is one-of-a-kind in the aluminium value chain, having integrated features. On a single platform, aluminium buyers can access product...
Novelis net sales continue falling 3.9% Q-o-Q on lower aluminium rolled-product shipments during Q3 FY2024
On Monday, February 12, Novelis, the world’s leading producer of aluminium flat-rolled products and recycler, announced the third quarter results for the financial year of 2023-24, revealing net sales of US$3.94 billion, down by 3.9 per cent Q-o-Q from US$4.1 billion and 6.19 per cent less Y-o-Y than US$4.2 billion. In nine months of the year, the company’s net sales amounted to US$12.133 billion versus US$14.089 billion during the corresponding period of the previous year. The sequential decline in net sales during Q3 FY2024 could be attributed to the sluggish aluminium prices and lower shipments. According to the report, Novelis’ shipments during the third quarter of FY2024 totalled 910,000 tonnes – 2.47 per cent less than 933,000 tonnes in Q2 FY2024. On a year-on-year basis, the...
