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.
Rusal founder oligarch Oleg Deripaska named on UK sanctions list
The Russian billionaire industrialist and oligarch Oleg Deripaska, the founder of Russian aluminium giant Rusal and his company, which owns the largest alumina refinery of Europe, Auginish Alumina in Limerick has been sanctioned by the UK government. The sanctions undertake an asset freeze, a travel ban and a prohibition on British firms and individuals from dealing with Deripaska’s businesses. The most technologically advanced and energy-efficient facility in the world of an alumina refinery, Auginish Alumina located near Foynes on the Shannon Estuary, employs 450 people at the refinery including a port. It was claimed that Deripaska has close ties to the British establishment as reported to €2.4 billion and a large property portfolio in London.
South Korea’s export of aluminium scrap during 2019-21 demonstrates uneven movement; 33% growth estimated for 2022
The economy of South Korea is comprised of a mixed economic system that incorporates a variety of private freedom, blended with centralized economic planning and government regulation. Following the decades of robust economic development and global integration, South Korea has become a high-technology, industrialized $2 trillion economy led by such sectors as electronics, telecommunications, automobile production, chemicals, shipbuilding, and steel. The country produces both new and old aluminium scrap, although the export volume illustrated uneven movement. The East Asian nation on the southern half of the Korean Peninsula, South Korea exported 64,916 tonnes of aluminium scrap during 2019-21, attracting around $80.70 as revenue earnings. In 2019, South Korea exported 19,788 tonnes of...
Aluminium usage projected to bloom by 34%-51% in the residential building and construction sector by 2024: JBREC
As per the market research by John Burns Real Estate Consulting (JBREC), which furnishes independent research and consulting services related to the US housing industry, projects that the usage of aluminium will augment by 34% - 51% in the residential building and construction sector by 2024. However, this would excel record shipment levels last seen in the early-to-mid 2000s. As per the analysis, the growth will be chauffeured by strong demand in the United States housing market along with a growing trend of builders and consumers alike choosing aluminium as a premium material in building construction. The study by JBREC, which was finalized in 2021, made three significant conclusions: Building aluminium market expected to grow at 8% Compound Annual Growth Rate (CAGR): Demand in...
Joe Biden’s administration pressed to reimpose sanctions on Rusal
The administration of Joe Biden, the President of the United States of America is advocated by the top members of the ‘House of Representatives Financial Services Committee’ towards reimposement of economic sanctions on Russian oligarch Oleg Deripaska's United Company Rusal, the Russian aluminium giant. While speaking at an American Bankers Association (ABA) summit in Washington, committee chairwoman Maxine Waters, a Democrat, and Republican ranking member Patrick McHenry emerged with independent support to reimpose economic sanctions on Rusal, as in December 2021, it secured waivers from Donald Trump's administration. Maxine Waters said, “I had always opposed the decision by then-treasury secretary Steven Mnuchin to waive economic sanctions against Rusal and that she was further...
Global mining giant Rio Tinto assures to detach all bonds with Russian firms, QAL agreement under scanner
The world's second-largest metals and mining company, Rio Tinto, has initiated a crucial review of its partnership agreement with Rusal, the Russian aluminium giant for Queensland venture as it looks to cut off all business cords with Russia due to its invasion in Ukraine. On 10 th March 2022, Rio Tinto stated in the present day high-profile corporate withdrawal from Russia, “We are in the process of terminating all commercial relationships that we have with any Russian business.” This announcement has intensified the concerns in regards to the future of Rio Tinto’s majority-owned Queensland Alumina Limited (QAL) in Gladstone, one of the biggest alumina refineries operational in Australia, where Rusal holds a 20% stake. As per industry source, the partnership agreement between Rio Tinto...
Aerospace, automakers panic over counter-sanctions; aluminium supply disruption from Russia might cause a severe challenge to the industry
The automakers and aerospace sector are extensively manifested ought to Russia opt to strike back countering the sanctions inflicted by the west and its pool. The San Francisco, California based freight forwarding and customs brokerage company, Flexport withstands that blocked trade lanes, narrowing sales opportunities and regulations of vital Russian metal exports are possibly to thump some producers strongly, with organisations hitherto staging to bolster their proficiency to calm down the pressure. Flexport stated, “The automotive industry faces all three challenges – sales, sourcing and operations issues – with aluminium, palladium and platinum globally dependent on Russian supplies.” “Several automakers and parts producers, including tyre-makers, have warned of their reduced ability...
Lord Barker resigns from the Chairmanship of En+ Group
The former energy minister of the United Kingdom, Gregory Leonard George Barker (Lord Barker) is stepping down as Chairman En+ Group, the parent company of Russian aluminium giant, Rusal and auditors of PwC and KPMG are decoupling with the country as businesses responded to sanctions against Russia. On 7 th March 2022, Lord Barker, an ex-minister during the regime of former British Prime Minister, David Cameron declared his resignation from the board of En+ Group. Since 2017, he held the position of Chairman and in 2019 he became the Executive Chairman of the Group. It has been notified that Lord Barker will pursue to chair the group briefly before handing over to Christopher Bancroft Burnham, a New York-born and company’s senior independent director. The announcement emerged after global...
Prime Minister of India flags Pune Metro; rides in the first aluminium coach manufactured by Titagarh Wagons
The forerunner company of Titagarh Group, Titagarh Wagons Limited had secured the order for 34 Metro trains having 3 coaches each by the Maharashtra Metro Rail Corporation for the city of Pune, located in the western Indian state of Maharashtra. However, the initial Metro train produced by Titagarh at the facilities of its subsidiary in Italy, while 31 trains will be manufactured in India by Titagarh in its facilities under the ‘Make in India’ and Self-Reliant schemes of the Indian government. On 6 March 2022, Narendra Modi, the Prime Minister of India flagged the Pune metro and after buying a ticket from the kiosk from an app on his mobile, took a ten-minute ride from Garware Station to Anand Nagar Station in Pune. During his travel, he interacted with the passengers including...
Malaysia’s Press Metal plans to inflate its value-added aluminium products output capacity
The Malaysia-based aluminium company with a profound global presence, Press Metal is functioning up its production capability to manufacture more value-added aluminium products ensuing the thorough commissioning of its new phase three smelter in Samalaju Industrial Park in Bintulu, the central region of Sarawak. Tan Sri Paul Koon Poh Keong, the Group CEO said, “Press Metal is working to further enhance its value-added capabilities and extrusion product portfolio.” “The move is aimed at increasing the group’s presence in the global consumer product-related sectors.” The world-class aluminium producer, Press Metal holds two extrusion plants in Klang, Selangor and Guangzhou, China with an annual production capacity of 50,000 tonnes and 160,000 tonnes, respectively. The facilities produce an...
En+ Group envisage carving out its global business into another a different organization: Sources
The holding company of Russian aluminium behemoth United Company RUSAL is envisaging by creating its global business to a different organization, as reported by industry experts to whom the company management and non-Russian investors claimed. However, the discussion inherits that the Ukraine-Russia military standoff has shot down the shade on any expectations of corporate integration among Russia and the world. Assuming, the deal gets approval, it would be far-flung to unravel the 2007 combination that created the present-time Rusal with the aspiration of building a Russian assets giant that might confront any façade of Rio Tinto Group and BHP Group on the global platform. The anticipated deal is designed in a way that would leave it in two companies, which is illustrated by, “A new...
Appeal to embargo all Russian ships from Irish territorial waters following Aughinish alumina load discard
The Ireland government has been petitioned to disallow all Russian ships to enter Irish territorial waters following a Russian cargo ship rejected its strive to collect a bulk load of alumina produced at the Rusal owned Aughinish Alumina refinery near Askeaton on 2 nd February 2022. According to the marine traffic tracker website, a 2018 built general cargo ship, Pola Feodosia, currently sailing under the Russian flag and whose home port is St Petersburg took a one-eighty degree turn in the Shannon Estuary and was navigating for Denmark. The Russian aluminium giant, Rusal operated Aughinish Alumina refinery is the largest alumina producer in Europe and employs more than 450 staff. Dr Cathal Berry, an Independent TD for the constituency of Kildare South, who has spent 23 years in the Irish...
London Stock Exchange bans trading in several GDRs of Russian enterprises including En+ Group
On 3 rd March 2022, the primary stock exchange in the United Kingdom and the largest in Europe, the London Stock Exchange (LSE) announced that it had suspended with immediate effect the trading of global depository receipts (GDRs) of various Russia-based companies including En+ Group. The London Stock Exchange has 24 companies incorporated in Russia trading on its bourse, out of which 17 are suspended. However, GDRs are negotiable certificates provisioned by a bank that represent shares in a foreign company but traded locally. Notwithstanding, the suspension also impacted several other Russian companies such as En+ Group, the majority owner of Rusal, which is incorporated in the United Kingdom. LSE revealed in a statement, "Further to recent sanctions in connection with events in Ukraine,...
Cyberattack cuffed at Aluminerie Alouette in Quebec, production remains unstirred
On 25 th February 2022, the Sept-Iles, Quebec based aluminium smelter reported being hit by a cyberattack, regardless the production remained uninfluenced. The largest aluminium smelter in the Americas with an annual production capacity of more than 600,000 tonnes of primary aluminium, Aluminerie Alouette stated that it is still engaged to reinstitute all the computer systems that were malware impacted. The company further added by saying, “Operations are under control and aluminium production has continued. Emails and landlines are still not operational at the company.” "Despite the quality of its modern infrastructure, Alouette is not immune from these cyberattacks.” Aluminerie Alouette, the 22 nd largest aluminium smelter in the world and also the producer of 25% of all aluminium in...
FAIIP approves financing of €59.40 million loan for Latem Aluminum project
The Spanish Government supported Productive Industrial Investment Support Fund (FAIIP), promoted by the Ministry of Industry, Trade and Tourism and managed by the public company SEPIDES, has approved financing through loans for the Latem Aluminum project, endowed with €59.4 million. The objective is the start-up of a new circular aluminium industry in Castile and León. To this end, the company has undertaken an investment project that will empower it to furnish itself with two production centres, in Villadangos del Páramo (León) and Villabrázaro (Zamora), for the production of secondary aluminium from aluminium scrap and the production of natural and lacquered aluminium coil, respectively. However, from the production point of view, it will mean more than doubling the company's aluminium...
Qamco abides to focus on its five-year strategic plan for strengthening market position
On 2 nd March 2022, the Doha headquartered Qatar Aluminium Manufacturing Company (Qamco) said that it is abided to focus on its five-year strategic plan to compel its joint venture (JV) to brace the market position. However, its funding strategy will not only vitalize shareholder value creation but also enable sustainable pay-outs despite negative externalities. Additionally, the worldwide marketing partnership of Qamco with other JV associates dispensed access to strategically potential markets, which drives it to become more competitive in comparison to other international peers, notwithstanding supply chain confrontation that remained apparent continuously. The board of directors of the Qatari aluminium company emphasized during the general assembly meeting held virtually, where the...
No means of new agreement signing with Russian firms, re-examining existing contracts: Norsk Hydro
The Norwegian aluminium and renewable energy giant, Norsk Hydro has declared that it will not sign any fresh agreements with the Russian organisations. Hydro said, “The decision has been taken due to the Russian invasion of Ukraine, and sanctions imposed on Russia by the EU and the international community.” The Oslo headquartered multination aluminium company by all accounts is re-examining options for existing commitments and is assessing an inherent confine of commercial alliance with Russian businesses. Hilde Merete Aasheim, The CEO and President of Hydro said, “We are deeply shocked and saddened by the devastating situation playing out in Ukraine.” The Norwegian Confederation of Trade Unions (LO) in Hydro and Hydro’s European Works Council (EWC) has initiated a fundraising campaign...
Matt Howell to step down as CEO of Tomago Aluminium after eight years
The chief executive officer of Tomago Aluminium, Matt Howell, has expressed his intent to step down following over his eight years of service from the capacity of a top executive with the effective end of May 2022. Howell, while mentioning his time as CEO, said, “I want to record my sincere gratitude for the privilege and opportunity to lead and be part of such a fabulous organisation. My time at Tomago and the many friendships forged has been without a doubt, the highlight of my working career.” “Knowing when to make the call is tough; history is peppered with leaders that stayed too long, whether in business, sport or politics. I know in my heart that this is the right decision for me and Tomago.” David Fallu, the Chairman at the Board of Directors of Tomago Aluminium, said “On behalf...
Supply disarray due to Russia-Ukraine combat can be a golden opportunity for the Indian metal market
On 2 nd March 2022, the Indian stock market demonstrates the upward movement of the share prices of the Indian metal companies in a weak market, following the Russia Ukraine combat, which generated opportunities for the metal firms to boost their export, as imposed sanctions and intensifying ties with nations would hugely impact Russia’s overall trade. However, on 1 st March 2022, EN+ Group International PJSC stated its UC Rusal Ltd. subsidiary has been forced to temporarily halt alumina production at the Nikolaev alumina refinery due to the war in Ukraine. The Russian aluminium company commented that although UC Rusal's alumina production will be severely curtailed in the short term at this site due to the logistical and transport challenges stemming from the conflict. Although, Rusal...
