AlCircle News Edited By "Rupankar Majumder"
A professional with a technical background, specialising in producing insightful content centred around metals, particularly aluminium, passionately engaged in the intricacies of the recycling sector.
Norway charges ahead, BEVs set to surpass petrol cars in historic milestone
Norway is poised to achieve a historic milestone as the number of battery electric vehicles (BEVs) on its roads is projected to surpass petrol cars by the end of 2024 or early 2025, marking a significant achievement for any nation, as per Reuters analysts. Generous incentives, partly fuelled by Norway's significant oil and gas wealth, have propelled this shift. However, analysts anticipate that it will be a few more years before Battery Electric Vehicles (BEVs) outnumber diesel vehicles in Norway. Norway, a contemporary nation abundant in energy resources, boasts a population of 5.5 million. It is one of the world's most prosperous countries, boasting a GDP per capita of USD 106,148. With income distribution relatively fair, everyone contributes to the consumer base. Forecasts suggest...
EU singles out China, trade guide retains focus on key sectors
The European Commission has released a revised report on state-led distortions within the Chinese economy, expanding its scope to include additional sectors. This move may allow EU chip and clean-tech producers to file anti-dumping complaints. Published on March 10, 2024, the updated report is 712 pages long and provides intricate insights into what the EU executive identifies as distortions across the telecom equipment, semiconductor, rail, renewable energy, and electric vehicle industries. The aluminium, steel, chemicals, and ceramics sectors remain unchanged from the initial 2017 report. There isn't a comparable EU report for any other nation. The report serves as a resource for EU industries to lodge complaints regarding dumping practices. Should it be determined that prices and costs...
Crisis at sea, turmoil on land, auto manufacturers on edge
The Red Sea ship assaults by militants have sparked concerns over potential trade disruptions, leading numerous prominent global shipping companies to redirect their vessels via the Cape of Good Hope. The European automotive sector is already feeling the effects of this crisis as it relies heavily on essential component imports from Asia. Asia, encompassing nations such as China, South Korea, and Japan, is a crucial manufacturing centre for automotive parts utilized across a spectrum of vehicles, spanning gasoline, hybrid, and electric cars. China, especially, has leveraged its cost-effectiveness and industrial clustering and has emerged as an integral link in the supply chains of European car manufacturers. However, data indicates that roughly 70 per cent of European automotive sector...
SECO/WARWICK to enhance Indian manufacturing with New CAB line for Narain Cooling Technologies
SECO/WARWICK is gearing up introducing its CAB line production in India. The recipient of this solution is an Indian company specialising in manufacturing heat exchangers, Narain Cooling Technologies. This furnace implementation will enable Narain Cooling Technologies to uphold optimal production efficiency while adhering to rigorous energy consumption standards. Narain Cooling Technologies has invested significantly in the first CAB line ordered from SECO/WARWICK. This furnace features a 1300 mm wide conveyor belt and is tailored for producing medium-sized heat exchangers. Notably, the entire manufacturing process occurred in SECO/WARWICK's new factory in India, marking a milestone for the company's local production capabilities.” Narain Cooling Technologies (P) Ltd. is an ISO 9001:2015...
ICRA forecasts limited impact of EU carbon tax on Indian aluminium producers
ICRA stated that the anticipated European Union carbon tax would likely minimally affect domestic primary aluminium producers. The Carbon Border Adjustment Mechanism (CBAM), analogous to a carbon tax functioning as an import duty, is slated to be enforced from January 1, 2026. ICRA Limited is India's independent and professional investment information and credit rating agency. Established in 1991, it was initially named Investment Information and Credit Rating Agency of India Limited. ICRA stated, "The Carbon Border Adjustment Mechanism (CBAM) ruling on exports to the European Union (EU) will have a limited impact on the domestic primary aluminium producers. This is because the present notification covers the financial impact w.e.f. January 1, 2026, on direct process-related emissions...
Generational Group facilitates Team Pride Extrusions acquisition by Republic Strategic Investments
Generational Group, a prominent advisor specialising in mergers and acquisitions for privately held enterprises, has announced the successful sale of Team Pride Extrusions (TPE) to Republic Strategic Investments (RSI). The deal was finalised on March 15, 2024. Based in Megargel, Texas, Team Pride Extrusions offers comprehensive manufacturing services in tailor-made aluminium extrusions. Their expertise spans aluminium extrusions, powder coating, CNC machining, punching, and various specialised fabrication and finishing techniques. Their product range encompasses everything from mill-finished extrusions to fully assembled extrusion components, complete with fabrication and finishing touches. TPE possesses the capability to handle various aluminium extrusions, including small, complex, and...
Bold Baatar named Chief Commercial Officer at Rio Tinto, prioritising growth initiatives
The global mining and metal giant Rio Tinto has selected Bold Baatar as the new Chief Commercial Officer. He will oversee the company's global commercial and business development endeavours. This appointment follows Alf Barrios' decision to retire. Bold, currently serving as Chief Executive Copper, will promptly assume responsibility for business development and transition to Chief Commercial Officer on September 1, 2024, relocating to Singapore. The successor for the position of Chief Executive Copper will be announced in the near future. Alf will remain as Chief Commercial Officer until August's conclusion to facilitate a seamless transition. Subsequently, he will assume the role of Chair for China, Japan, and Korea and serve as an Executive Committee member until his retirement at the...
Key highlights from the global aluminium industry, March 2024
The price of aluminium on the LME experienced a gradual upward trend throughout March 2024, fluctuating within a range of approximately USD$85-90. Similarly, the SHFE price also increased slightly, hovering around USD$65-70, albeit with considerable fluctuations. However, according to a research report by AL Circle titled "Global Aluminium Industry Outlook 2024," expectations were set at the beginning of the year. It projected a resemblance of the price trend in H1 2024 to that of 2023, with anticipation mounting for H2 2024. This anticipation stems from forecasts suggesting a surge in demand for aluminium during the latter half of the year, fuelled by potential economic recovery in global markets after a period of deceleration. When the United States and China engage in economic...
Global mining giant releases details of $8.5 billion of taxes and royalties paid in 2023
The British-Australian multinational company Rio Tinto, the world's second-largest metals and mining corporation, has released its 2023 Taxes and Royalties Paid Report, outlining the $8.5 billion paid in taxes and royalties worldwide for the year. In 2022, the company paid $10.8 billion, encompassing approximately $1.5 billion in Australian corporate tax payments attributable to previous years. In Australia, where nearly half of the company's global operations are based, taxes and royalties amounted to $6.6 billion (A$10.0 billion) in 2023. This included $4.1 billion (A$6.2 billion) in corporate taxes. Rio Tinto also made notable tax and royalty payments in Canada ($601 million), Chile ($477 million), Mongolia ($371 million), and the United States ($123 million). Peter Cunningham, Rio...
"Made in USA" dispute, lawsuit targets Reynolds Wrap aluminium foil
Reynolds Consumer Products, the manufacturer of Reynolds Wrap aluminium foil , faces a proposed class action alleging deceptive advertising. The lawsuit contends that despite labelling its foil as "Made in USA," the company primarily sources its raw materials and conducts manufacturing operations elsewhere. The complaint, filed on March 27, 2024 evening, asserts that most of the bauxite used by Reynolds comes from international sources, with the United States contributing only a minor fraction to global bauxite production. The lawsuit, filed in federal court in Manhattan, additionally alleges that a significant portion of the bauxite is processed into alumina and, subsequently, aluminium outside of the United States. According to the complaint, Reynolds' "Foil Made in USA" claim on its...
RUSAL's forest carbon offset project was registered in the carbon units registry of the Russian Federation
The forest carbon offset project on the aerial management of forest fires implemented by RUSAL in the Krasnoyarsk region was registered in the carbon units registry of the Russian Federation. Previously, in November 2023, an independent nationally approved third-party auditor validated the project in order to ensure that the project meets all national rules and requirements for this type of carbon offset project. The implementation of the carbon-offset project is scheduled for the period up until 2033. During this period, the implementation will ensure the sequestration of several million tonnes of CO 2 equivalent. RUSAL began implementing its forest carbon offset project in 2019 when the company signed the Agreement with the Federal Forestry Service (RUSLESKHOZ) and the Government of the...
Forge the future with AL Circle's latest report: The World of Aluminium Extrusions - Industry Forecast to 2030
In a world where industries continually evolve, staying ahead of the curve is paramount. AL Circle is excited to announce its latest and highly anticipated report, "The World of Aluminium Extrusions - Industry Forecast to 2030." This comprehensive report delves deeper into the dynamics shaping the aluminium extrusion sector, offering invaluable insights for stakeholders across the globe. The report meticulously examines key trends, challenges, and opportunities that define the landscape of aluminium extrusions. From technological advancements to market dynamics, this report leaves no stone unturned in its quest to provide a holistic view of the industry's trajectory. One of the report's standout features is its forward-looking approach. By forecasting industry trends up to 2030, AL Circle...
No slowdown in sight, China's solar sector is projected to grow at unprecedented rate through 2024
The latest data from 2024 indicates that China's solar industry continues its relentless growth, with capacity expansions surging at a rate 80% higher than at the beginning of the previous year. Following an unprecedented 2023 that surpassed all forecasts, expectations for 2024 have been tempered. While many anticipated continued growths, the magnitude of the increase may have yet to be fully expected, suggesting a potential adjustment in projections. Contrary to previous forecasts, the January and February 2024 data reveals a notable surge in solar installations, nearly doubling the rate compared to the corresponding period last year. The data for these two months is combined to ensure accuracy and mitigate the impact of the Lunar New Year holiday, which occurred in the month of...
ArcelorMittal Powders CEO advocates steel over aluminium for optimised additive manufacturing
According to Colin Hautz, CEO of ArcelorMittal Powders, prioritising the use of steel materials over aluminium is advisable for optimising additively manufactured parts. Hautz emphasised ArcelorMittal's rationale for venturing into the additive manufacturing sector and aimed to elucidate the advantages of utilising steel rather than aluminium in part production. ArcelorMittal, a global leader in steel manufacturing, aims to set itself apart in the additive manufacturing market by specialising in producing steel powders. This strategic focus is anticipated to enable the company to facilitate users of additive manufacturing in harnessing multiple benefits associated with steel utilisation, according to Hautz. Hautz said, “I don’t have anything against aluminium, but from my mind, you should...
TVS Motor's restricts TVS brand trademark use in die-casting OEMs
Venu Srinivasan's family members entered a non-compete agreement to protect the TVS brand across different business segments, including two-wheelers, auto after-market, and tractors. Venu Srinivasan, an Indian industrialist, is the esteemed Chairman Emeritus at TVS Motor Company, a global leader in producing two-wheelers, and Sundaram-Clayton Limited, a prominent manufacturer of automotive components in India. On March 21, 2024, an agreement known as a memorandum of understanding (MoU) was signed by Venu Srinivasan, alongside his wife, the prominent business leader Mallika Srinivasan, as well as their children Lakshmi Venu and Sudarshan Venu. Sudarshan Venu, the Managing Director of TVS Motor, has committed to refraining from utilising the TVS trademark in the production and distribution...
China holds key to green economy growth, advocates for enhanced emissions trading system: IMF Chief
On March 24, 2024, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), suggested that China could experience significantly accelerated growth by implementing a comprehensive set of pro-market reforms compared to maintaining the current status quo. In an address to the China Development Forum, Georgiaeva emphasised the importance of improving the property sector, reducing debt risks, and concentrating on domestic consumption. She said, “This additional growth would amount to a 20 per cent expansion of the real economy over the next 15 years. In today’s terms, that is like adding $3.5 trillion to the Chinese economy.” She suggested that taking decisive measures to decrease the inventory of incomplete housing and allowing more room for market-driven...
Vedanta charts course for growth across sectors, unveils $6 billion investment plan
The Indian multinational mining and metal company Vedanta Ltd, spearheaded by billionaire Anil Agarwal, has unveiled an ambitious investment strategy, earmarking a colossal $6 billion across diverse business sectors. This strategic initiative is poised to augment the company's annual EBITDA by a minimum of $2.5 billion, propelling it towards significant expansion and enhanced value generation in the foreseeable future. Pipeline of investment opportunities During an investor meeting, Vedanta executives revealed an extensive investment pipeline consisting of more than 50 active projects and expansions spanning various sectors such as aluminium, zinc, iron ore, steel, and oil and gas. These endeavours are forecasted to yield additional revenue surpassing $6 billion, boosting the company's...
Global law firm White & Case advises Emirates Global Aluminium on the strategic acquisition of Leichtmetall
White & Case, a leading global law firm, provided legal counsel to Emirates Global Aluminium (EGA), a premium aluminium producer, in its acquisition of Leichtmetall Aluminium Gießerei Hannover GmbH (Leichtmetall), a German aluminium recycling company. EGA is set to acquire a 100 per cent stake in Leichtmetall from Leichtmetall Holding GmbH, an entity under the management of Quantum Capital Partners GmbH, an investment fund. Pending regulatory clearances, the transaction is anticipated to be completed in the first half of 2024. Located in Hanover, Leichtmetall specialises in producing high-quality aluminium , predominantly sourced from recycled materials. Employing electric smelting technology, the company melts secondary aluminium using energy derived entirely from renewable sources....
