China Steel Aluminum, a subsidiary of China Steel, will invest approximately TWD 1 billion (USD 32 million) to build a smart manufacturing plant in Kaohsiung, Taiwan. The investment was among two expansion applications approved by the Invest Taiwan Office on October 1, with a combined value of TWD 1.1 billion (USD 33 million). The new facility will be located in the Xiaogang District and focus on smart manufacturing and lower-carbon production. China Steel Aluminum, Taiwan’s largest manufacturer of aluminium rolled products, produces aluminium plates, sheets, coils and foil, as well as zinc alloy and hot-dip galvanised ingots. The investment supports the company’s shift toward high-end and low-carbon aluminium materials. The plant will integrate artificial intelligence (AI), the Internet...
This week, the overseas aluminium market was generally mediocre, with limited trading activity across major markets. In South Korea, purchases were mainly small-scale restocking, with little change in prices. In Thailand, demand remained weak, and some sellers slightly lowered their offers due to shipment pressure. The market focused on Q4 MJP quarterly pricing, with Rio Tinto's latest offer further reduced, and market expectations suggested there is still room for the final settlement price to move lower. South Korea: Mediocre market, transactions mainly small-scale restocking This week, trading in the South Korean market was very subdued, with purchasing demand limited to small-scale restocking and no concentrated procurement seen. Sellers showed moderate willingness to offer, with...
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Vedanta Limited, Cairn India Limited ("Cairn India") and Vedanta Resources plc ("Vedanta plc" together with its subsidiaries, the "Group"), today announce a merger between Vedanta Limited and Cairn India (the "Transaction"). Key Highlights • Minority shareholders of Cairn India will receive for each equity share held: - 1 equity share in Vedanta Limited - 1 redeemable preference share in Vedanta Limited with a face value of INR 10 • Implied premium of 7.3% to the previous close. • Strategy remains unchanged, with continued focus on delivering attractive growth, sustainable development and long-term value for all shareholders. • Commitment to growth and to sustain strong dividend distribution. • Completion expected in first quarter CY 2016 Mr Anil Agarwal, Chairman of Vedanta plc, said:...
Northwest Iceland Municipalities and Klappir Development ehf. have signed together a declaration of intent and an agreement of cooperation for the construction and operation of an aluminum smelter with a capacity of 120,000 tpy at Hafursstaðir in Skagabyggð. The municipalities of Blönduósbær, Húnavatnshreppur, Húnaþing vestra, Sveitarfélagið Skagaströnd, Skagabyggð and Sveitarfélagið Skagafjörður published a joint statement on Friday 12th June declaring the same. At present the existing smelters have a cumulative annual production of around 800,000 ton with Straumsvík contributing around 190,000 tons, Grundartangi at around 260,000 tons and Reyðarfjörður at 350,000 tons. The new smelter is expected to contribute to the total aluminium capacity in Northwest Iceland. According to the joint...
Aiming to solidify ties with the European market and take advantage of growth opportunities, Emirates Global Aluminium ("EGA") will participate at GIFA 2015, which takes place in Germany from 16 to 20 June. Taking place every four years, GIFA provides a platform for industry networking as well as showcasing innovations that will shape the future of the sector. It is the largest aluminium exhibition in Europe and the most important trade fair in the world for foundry technology. This makes GIFA a key event for EGA, which is one of the largest and leading suppliers of foundry alloys to the automotive industry where they are used in the manufacture of wheel rims, sub-frames, suspension parts, cross members, engine blocks and engine cradles among various other applications. Consistency of...
China Hongqiao Group, which is poised to surpass Russia's Rusal as the world's biggest aluminium producer, plans to spend 10 billion yuan on building power plants and expanding smelting capacity in China and on projects in Indonesia and Guinea. The Shandong firm aimed to raise its output by 22.5 per cent to about 4.1 million tonnes this year, said Wong Yuting, Hongqiao's head of corporate finance. Wong also said the firm planned to increase its annual output capacity to about five million tonnes by the end of the year. This is likely to make Hongqiao the largest aluminium producer since Rusal has indicated its plan for output to remain flat at 3.6 million tonnes this year, while Aluminum Corp of China produced 3.38 million tonnes last year and suffered a record 16.2 billion yuan net loss...
Energy company AGL says its new gas storage facility near Newcastle has given the Hunter region much needed security of supply. AGL managing director Andy Vesey has today officially opened the $310 million Newcastle Gas Storage plant at Tomago. The storage facility will secure supply for industrial customers, such as the neighbouring Tomago Aluminium smelter, as well as homes across the Hunter region and beyond. It could eventually be linked to the company's controversial Gloucester coal seam gas site to the north. When asked about the Nationals' calls for a 'gas-free' Northern Rivers region in the north of New South Wales, Mr Vesey said he was hopeful decisions will be made based on the science behind the industry. "We know this is an emotional issue and we're very attentive to all the...
Hind Aluminium Industries Ltd has introduced an overseas Joint venture partner for its subsidiary Company Associated Industries Limited SFZ ("AIL SFZ"), incorporated in the Sultanate of Oman. Due to the above, AlL SFZ will become an Associate / Joint Venture Company of Hind, with a reduced shareholding of 32.50%. Shares of HIND ALUMINIUM INDUSTRIES LTD. was last trading in BSE at INR 57.9 as compared to the previous close of INR 58.9. The total number of shares traded during the day was 1487 in over 17 trades. The stock hit an intraday high of INR 61 and intraday low of 56.9. The net turnover during the day was INR 85207.
The union members belonging to United Steelworkers will vote today on the tentative agreement put forward by the company as a solution to end the one-month long lockout at Century Aluminum’s Hawesville, Kentucky smelter. If ratified by the union, workers are expected to return to work on Monday. A tentative five-year deal was reached between USW Local 9423 and the company management after a series of negotiations in the presence of a federal mediator. According to company spokesperson, the new deal offers 2.75% raise in wages over four years. In addition, craft will be given an additional $1.50 base wage hike. Informal meetings and voting will be held at the Lewisport Community Centre. The first meeting is scheduled at 9 AM, followed by a second one at 5 PM. The result of the vote would...
Hydro President and CEO Svein Richard Brandtzæg together with Vice Chairperson to the Qatalum Board, Hilde Merete Aasheim, Executive Vice President, Primary Metal at Hydro toured the Qatalum smelter on the 4th of June. Following a 3 year retrospective ‘Administration’ presentation from management, they were accompanied through all the operational areas by the CEO, DCEO and COO. The operation areas conducted their own presentations and hosted a brief tour of their premises. Of particular interest to the Hydro CEO was the Relining Facility. He was impressed to see that it was built on time and under budget. Its scale was impressive but ultimately what impressed was that the relining team were now surpassing the turnaround of pots faster than the business plan. This has a direct impact on...
Russian aluminium maker Rusal and several of its domestic consumers have proposed a tax on imports of products containing aluminium, such as wheel disks, Vedomosti newspaper reported on Thursday. Rusal, along with a number of state firms including defence conglomerate Rostec, United Aircraft Corp and United Shipbuilding Corp, and a subsidiary of U.S. Alcoa which owns one plant in Russia, made the proposal to the government at an Industry Ministry meeting this week, the paper said. The companies also announced the creation of an association which will focus on increasing aluminium consumption in Russia and decreasing the use of imports, Vedomosti reported, citing Roman Andryushin, Rusal's sales chief in Russia. Participants at the meeting proposed an import duty of between 20 and 30...
Aluminium settled up 0.09% at 110.85 gave up it's earier gains after U.S. aluminum premiums have fallen to their Lowest in more than three years as imports and scrap suppLies remain high and merchants unwind Long positions, extending an unprecedented, months-Long rout. The premiums that fabricators and merchants pay on top of benchmark London Metal Exchange prices for delivery in the U.S. Midwest have dropped to 8-9 cents per [b from 9-10 cents last week and 13-14 cents a month ago. Those are the lowest prices since early 2012. While LME aluminum rose to USD 1,768/mt after opening at USD 1,748/mt on Tuesday. But the light metal fell back later to end the day at USD 1,749.5/mt. On the macro front, disappointing Chinese CPI data strengthened hopes for more stimulus measures. The euro zone’s...
A tentative agreement at an aluminum smelting plant has been reached, potentially ending a work stoppage affecting roughly 560 employees at the Century Aluminum facility in western Kentucky. The Gleaner reports Allison Beck, acting director of the Federal Mediation and Conciliation Service, announced Tuesday that a tentative settlement has been reached in Hawesville between United Steelworkers Local 9423 and Century Aluminum. A previous labor contract expired in April and was followed by contentious negotiations and a work stoppage in May. The latest tentative agreement is subject to ratification by union membership. According to a statement from the union, informational meetings will be held Thursday at the Lewisport Community Center. Voting will take place after each meeting. Before the...
Chinese imports of primary aluminium ingot are likely to rise in coming months after the price of the metal fell on the global market, prompting end-users to buy, industry and trading sources said on Thursday. The weak London Metal Exchange (LME) price is opening a rare arbitrage opportunity for Chinese investors to sell aluminium futures in Shanghai and buy on the LME, which may result in some imports, the sources said. "We started selling more to Chinese end-users last week," said an Asian-based executive whose firm trades aluminium and also manufactures aluminium products in China. "China’s imports will probably rise in the coming two or three months, although the rise may not be very big." Imports of primary aluminium fell 79 per cent in the first four months of 2015 compared with a...
Aluminium Bahrain B.S.C. (Alba) announces approval for the Line 6 Expansion Project which would make the Company the largest single site smelter upon project completion. The Line 6 Expansion Project, expected to begin production in early 2019, will boost the per-annum production by 514,000 metric tonnes upon full ramp-up. This would bring Alba's total production capacity to approximately 1,450,000 metric tonnes per year. One of the biggest industrial projects in the Kingdom of Bahrain, the Line 6 Expansion Project is expected to have a big impact on the economy and new job creation. In addition, at least 50% of the new metal production is expected to be sold to existing and new Bahrain downstream customers. The Line 6 Expansion Project will allow Alba to continue its marketing strategy of...
Aluminium prices show few signs of recovering as the world remains in a glut of the lightweight metal used in cars and cans. The price of the metal has fallen 11 per cent in the past 24 days to $1,758 a tonne on the London Metal Exchange. That is below the metal's average price of more than $2,000 since 2010. Premiums, the extra cost paid for delivery and transport, have also fallen, hurting global producers of the metal. Countries are failing to cut aluminium capacity even as Chinese exports of the metal continue to rise. As a result, the price of the metal could continue to fall until it forces capacity reductions from outside China, according to analysts. "We have 3m tonnes of capacity outside China losing money at the moment," said Eoin Dinsmore, an analyst at consultancy CRU. "Some...
Romanian aluminum producer Alro Slatina is currently looking for over USD 207 million in financing. The biggest of these is a USD 120 million revolving credit facility to refinance a loan that it received from the European Bank for Reconstruction and Development (EBRD) in 2010. Alro has parent-group Vimetco’s guarantee for the revolving loan which will come from a syndicate of banks. The aluminum producer also wants to get USD 60 million from the Black Sea Trade and Development Bank and other creditors, planning to use the money for new investments. Alro will also get USD 27.2 million from Raiffeisen Bank Romania to pay some of its debt. The company’s shareholders will analyze and vote on these loans on July 10. Alro Slatina posted a turnover of some USD 594 million and a USD 33 million...
Oil and metals producer Vedanta Resources Plc (VED.L) signalled on Tuesday it is considering a merger of two or more of its Indian subsidiaries, which could provide the debt-burdened units access to cash from other operations. In a statement which disclosed the possibility of a merger of its Bombay-listed subsidiaries Vedanta Ltd) and Cairn India Ltd (CIL), the holding company, Vedanta Resources PLC, said it would maintain its London-listing in case such transaction took place. "Should a transaction with CIL proceed, it could potentially be considered a reverse takeover," Vedanta said in the statement. "In addition, in line with the group's stated strategy to continue to simplify the group structure, the group continues to evaluate a transaction with the government ofIndia in relation to...
Speculation is mounting that South32, the diversified metals company spun out of global resources group BHP Billiton, could be planning its first acquisition - Rio Tinto's Pacific Aluminium assets. South32 CEO Graham Kerr said ahead of its stand-alone listing in the UK, Australia and SA last month that it would be open to making value-adding acquisitions. South32 has only $674m of net debt and access to $1.5bn of credit lines. Rio Tinto is expected to seek $1bn to $1.2bn for Pacific Aluminium. In a morning note, Investec's global mining team, citing media reports, said South32 was seen as the most credible suitor for Pacific Aluminium, for which Credit Suisse was seeking buyers. "Rio Tinto is reviving the sale of Pacific Aluminium two years after it was shelved amid signs that an upturn...
Mecfor Inc. is pleased to announce the acquisition of the intellectual property of the Brochot SA, France. Until recently, Brochot specialized in the design and manufacturing of equipment for various metal industries, in particular primary aluminium smelters worldwide. Following the acquisition process that began in February, the order for the transfer of intangible assets to Mecfor Inc. was handed down on June 2nd by the Bobigny commercial court in France. Mecfor Inc. is taking control effective immediately and will be in a position to supply equipment, technical support, replacement parts, and service for Brochot products worldwide in accordance with Mecfor's high quality standards. Highlights • The intellectual property acquired includes all models, technologies, designs, technical...
