Bell Bay Aluminium (BBA), Australia's oldest aluminium smelter, is reviewing its workforce and offering redundancies for a small number of positions, just over a month after receiving an AUD 200 million (USD 137.52 million) government support package aimed at securing the facility's future until at least 2031. Up to 10 roles are understood to have been affected by the review, although the smelter is expected to retain its existing workforce of approximately 550 full-time equivalent (FTE) employees. Some redeployment opportunities will also be available, while the positions identified are not understood to involve frontline services. The changes reportedly include some former participants in Bell Bay Aluminium's graduate programme. Rio Tinto, which operates the smelter near George Town in...
South32 expects the sale of its aluminium value chain assets to Alcoa to be completed in the six months ending June 2027. The proposed transaction covers its aluminium operations and related bauxite and alumina assets in South Africa, Australia and Brazil. The sale follows a binding conditional agreement signed by the two companies, under which Alcoa agreed to acquire the assets for up to USD 5.6 billion . The assets include South32's Hillside Aluminium smelter and the idled Bayside smelter in South Africa, its interests in the Boddington bauxite mine and Worsley alumina refinery in Australia, and the Mineração Rio do Norte bauxite mine and Alumar alumina refinery and aluminium smelter in Brazil. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
Grow with
AL Circle
Aluminium Bahrain B.S.C. (Alba) released its full-year and fourth quarter of 2015 results on Thursday, February 18, 2016. Alba reported total sales of BD 766.7 million (US$ 2.039 billion) in 2015 versus BD 821.6 million (US$ 2.185 billion) in 2014, down by 7% YoY due to the collapse of all-in-prices. As for the fourth quarter of 2015, total sales totalled BD 176.3 million (US$ 468.9 million), down by 21% YoY, versus BD 222.2 million (US$ 590.9 million) in Q4 2014, owing to the double dip of LME and premium prices. Net Income stood at BD 59.9 million (US$ 159.5 million) in 2015 compared to BD 96.5 million (US$ 256.5 million) in 2014 - down by 38% YoY; while the company reported a net loss of BD 15.8 million (US$ 42 million) in the fourth quarter of 2015 versus Net Profit of BD 34.6 million...
Century Aluminum Company reported a net loss of $43.1 million for the fourth quarter of 2015. Results were favorably impacted by a $23.5 million lower of cost or market inventory adjustment and $3.4 million related to non-cash, non-recurring post-retirement benefits. Results were negatively impacted by a $3.5 million charge related to the partial curtailment of operations at Hawesville and Mt. Holly, a $5.0 million charge for depreciation related to Mt. Holly purchase accounting and an $11.6 million impairment charge at BHH. After consideration of these items, the company reported an adjusted net loss of $49.9 million and an adjusted loss per share of $0.53 for the fourth quarter. For the fourth quarter of 2014, Century reported net income of $75.8 million. Sales for the fourth quarter of...
Norsk Hydro, one of the world's largest aluminium producers, cut its 2016 forecast for aluminium global demand, including China, to 3-4 per cent from 4-5 per cent previously, as it reported quarterly earnings that beat forecasts on Wednesday. Prices of aluminium - used in the aerospace, construction and automotive sectors - have been hit by concerns about oversupply, compounded by worries over a Chinese economic slowdown. The LME benchmark three-month aluminium is down around 16 per cent over the past 12 months and was trading around $1,520 on Wednesday. "For 2016, global primary aluminium demand is expected to increase by 3-4 percent," the firm said in a statement, adding nevertheless that market conditions had brightened. "Following several years of challenging market conditions, the...
Aluminium settled up 0.54 per cent at 103.15 as support seen from ShFE aluminium which climbed 1.5 percent rallied on Tuesday on hopes that China would unleash fresh easing measures to kickstart its economy after January trade was dragged down by faltering growth in global markets. Support also seen after the Asian shares consolidated to gains as the Chinese currency and shares show signs of stability, oil prices rebound, and solid U.S. consumption data suggest last week's sell-off was overdone. Overnight trading was light with U.S. markets closed for the President’s Day holiday. Metals has been well-supported in recent weeks amid indications global economic and financial headwinds could make it tough for the Federal Reserve to raise interest rates as much as it would like this year....
LME aluminium may retrace to a support at $1,515 per tonne, as it failed to break a trendline resistance around $1,540. The trendline is a part of a triangle, which suggests that aluminium may retrace towards the lower trendline support around $1,490. Wave pattern indicates the metal is riding on a wave C, which has only briefly extended above a resistance at $1,530, its 61.8 percent Fibonacci projection level. Even if this wave is capable of travelling to $1,581, the 100 percent projection level, it may be disrupted by a correction to the 50 percent level at $1,515. A break above $1,540 could lead to a gain to $1,549, the 76.4 percent level.
Even as the clamour against increasing imports from countries like China has been growing louder, commerce and industry minister Nirmala Sitharaman said last week that the onus was on the industry to deal with rising imports of several essential items. “I cannot stop all imports... but India’s manufacturing companies have to capture this market and identify how they can link themselves to the global value chain,” she said at the Make in India event in Mumbai last week. Sitharaman’s remarks came shortly after K.M. Birla, chairman of the Aditya Birla Group, took strong objection to dumping by China. “It’s creating an unlevel playing field. It’s like asking someone to play cricket with one hand,” said Birla. Birla’s firm Hindalco Industries Ltd, India’s second largest aluminium producer, has...
Norwegian aluminium giant Norsk Hydro has announced fourth quarter results of 2015. The underlying earnings before financial items and tax declined to NOK 1,566 million in the fourth quarter, down from NOK 2,215 million in the third quarter of 2015. The decline mainly reflected lower aluminium and alumina prices and a continued decline in realized premiums, partly offset by positive currency effects. Underlying EBIT: For the full year 2015, Hydro’s underlying EBIT climbed to NOK 9,656 million from NOK 5,692 million in 2014, lifted by positive currency effects and supported by successful industry-leading improvement programs across Hydro. "The decision to build the Karmøy technology pilot marks an important milestone for aluminium, and our ambition to be the industry leader on technology...
Rio Tinto has finally announced work stoppages at the smelter to be effective next week. This will bring aluminium exports to a stand-still, as workers try to gain leverage for wage increases. Vísir reports that the stoppages are to begin on February 24, and will continue indefinitely. The workers involved all belong to the trade union Hlíf, who oversee the export division of Rio Tinto Alcan in Iceland. With the start of these stoppages, no aluminium produced at the smelter will be offloaded, distributed, or shipped out to other countries, effectively rendering any aluminium production superfluous. As reported, workers at the smelter have been in negotiations with management since at least 2014, where they have been fighting for wage increases. It was forecast that the smelter would be...
Rusal expects global aluminium market to swing into deficit in 2016 from 2015’s surplus, according to its recently released 2015 annual report. The global aluminium giant sees global aluminium market in 1.2 million tonne deficit in 2016, reversing from 600,000 tonne surplus in 2015. Rusal sold more aluminium than it produced in 2015. Its report showed its aluminium sales were 3.64 million tonnes in 2015, which not only beat its aluminium production (3.6 million tonnes), but also rose 3.2% from 2014. Rusal expects global aluminium demand to grow 5.7% to 59.5 million tonnes in 2016, citing strong demand in North America, Europe and Asia.
Romania’s only aluminium producer Alro Slatina recorded an adjusted net profit of EUR 19.1 million in 2015 compared to adjusted losses of over EUR 30 million in 2014, as its turnover went up by 15% to EUR 517 million. The company managed to compensate part of the decline in international aluminium prices by increasing the sales volumes, especially for higher value added products. However, its turnover increase was determined by the higher USD/RON exchange rate, as the company quotes its products in US dollars. The average USD/RON exchange rate was 19% higher in 2015 compared to 2014. Alro’s bottom line was also positively impacted by the state’s decision to cap the big industrial energy consumers’ contributions to the renewable energy support scheme. “The investments of over USD 550...
Chinese aluminium smelters, already battered by multi-year low aluminium prices , will find it even harder to survive as the latest policy will add to their power costs. China’s Ministry of Finance issued a notice on collection of industrial enterprise restructuring special fund, mainly targeting power plants and companies with captive power plants, effective January 1, 2016. Aluminium smelters, big users of power, will bear the brunt. SMM statistics found about 75% of China’s aluminium capacity relies on captive power. The notice does not cover companies in some regions, such as Xinjiang and east Inner Mongolia, though. Those in Shandong will be required to pay 0.0139 yuan/Kwh, according to the notice, which equates to a 200 yuan/tonne increase in costs for local aluminium smelters; when...
Hydro has made a formal build decision for the planned full-scale technology pilot at Karmøy, Norway, aiming to verify the world's most climate and energy efficient production of primary aluminium. Total costs are estimated at NOK 4.3 billion, consisting of net project costs of NOK 2.7 billion and around NOK 1.6 billion in support from Enova. First metal from the technology pilot is expected during the second half of 2017. "After several successful improvement programs, the next steps in our efforts to further strengthen our cost curve position will increasingly rely on our ability to advance our industry-leading position in technology and innovation," says Hydro president and CEO Svein Richard Brandtzæg. "The Karmøy technology pilot will play a key role in realizing this ambition,...
Aluminium on London Metal Exchange (LME) may rise to $1,530 per tonne, driven by a powerful wave c. This is the third wave of a bigger wave C - the third leg of a three-wave cycle from the Nov. 23 low of $1,432.50. A Fibonacci projection analysis on the target of the wave C indicates it may travel to $1,581, the 100 percent level. The immediate resistance is at $1,515, the 50 percent level. A rise to $1,518 could confirm a break above this barrier and the target at $1,530. A drop below $1,510 could signal the metal's failure to break resistance and support at $1,499, the 38.2 percent level, may be approached.
Aluminium remained firm and prices gained 0.78 per cent to INR 103.40 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on surging demand. At the Multi Commodity Exchange, aluminium for delivery in February month traded higher by 80 paise or 0.78 per cent to INR 103.40 per kg in a business turnover of 2354 lots. Similarly, the metal for delivery in March contracts edged up by 65 paise or 0.63 per cent to INR 103.35 per kg in 252 lots. Market analysts said increase in positions by traders on the back of pick up in demand from consuming industries at domestic spot markets and a firming trend in base metals in the overseas markets kept aluminium prices higher at futures trade.
Aluminium producer Alro has signed a USD 137 million revolving loan agreement with a syndicate of banks led by Raiffeisen International and Raiffeisen Bank Romania. The company needs the money to refinance another USD 120 million revolving loan it took from the European Bank for Reconstruction and Development in 2010. The consortium bank also includes Unicredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank, and Banca Transilvania. Alro will guarantee the loan with its main assets, mortgage securities, mortgage rights, and compensation from insurance policies covering the company’s assets.
About 65% of the 20 Chinese aluminium smelters surveyed by SMM expect aluminium prices to stabilize this week. They expect LME aluminium to hover between USD 1,500-1,520/mt and SHFE 1604 aluminium to consolidate at RMB 10,750-10,900/mt. Aluminium stocks in China’s major trading markets grew significantly after the week-long holiday, but were lower than in the same period last year. Downstream demand has yet to fully recover. Traders were actively stockpiling goods out of optimism. Another 10% are bearish that LME aluminium will fall to USD 1,480-1,500/mt and that SHFE 1604 aluminium will drop below RMB 10,700/mt, citing a series of negative factors: US non-farm payrolls were poor; GDP in the euro zone grew slowly in December; Japan’s GDP missed forecast in Q4; China’s manufacturing PMI...
To give a fillip to 'Make In India' campaign, diversified metals & mining major Vedanta Resources Ltd has proposed to set up a state-of-the-art aluminium park close to the site of its aluminium SEZ (special economic zone) at Jharsuguda. This state-of-the-art plug-and-produce aluminium park will be set up across 240 acres of land, providing an exclusive ecosystem for industries dependent on as well as manufacturing aluminium conductors, extrusions, castings, foils, powder and paste. For commissioning of the proposed park, Vedanta would sign a memorandum of understanding (MoU) with the Odisha government. The announcement to set up the aluminium park was made by Vedanta during the 'Make in India' week organised in Mumbai. Abhijit Pati, chief executive officer (aluminium), Vedanta Ltd said,...
The National Aluminium Company Limited (Nalco) has achieved a net profit of INR 133 crore in the third quarter that ended on December 2015 despite global slowdown in the aluminium sector, a release issued by the Navratna company on Friday stated. The aluminium major has achieved a net profit of INR 226 crore in the second quarter and INR 354 crore during the corresponding quarter of the previous fiscal. The net sales turnover in the third quarter was INR 1,616 crore, stated the release. The net profit for the nine months that ended on December 2015 was INR 523 crore, against the corresponding figure of INR 967 crore for the previous fiscal. The net sales for the nine months of the fiscal was INR 4,866 crore as compared to INR 5,483 crore the corresponding period of the last fiscal. The...
