Emirates Global Aluminium (EGA) has been named a strategic partner of Dubai Future Week 2026, highlighting the aluminium producer's focus on industrial innovation, artificial intelligence and advanced manufacturing as the UAE looks to strengthen its future industrial capabilities. Organised by the Dubai Future Foundation (DFF), Dubai Future Week will take place from November 18 to 21, 2026, at Emirates Towers and the Museum of the Future under the theme 'For the Human of the Future'. The event is expected to attract more than 10,000 participants, including business leaders, policymakers, investors, entrepreneurs, innovators and technology experts from around the world. EGA's participation will bring attention to its ongoing industrial transformation, which includes developing proprietary...
Hindalco Industries reported its highest-ever quarterly net profit of INR 75.33 billion (USD 802 million) in the second quarter of FY2027, up 59 per cent from INR 47.41 billion (USD 505 million) a year earlier, supported by stronger earnings across its aluminium, copper and Novelis businesses. Consolidated revenue from operations rose 39 per cent year on year to INR 917 billion (USD 9.8 billion) in the quarter ended September 30, 2026. EBITDA increased 42 per cent to INR 137.6 billion (USD 1.5 billion), compared with INR 97 billion (USD 1 billion) in Q2 FY2026. The company’s aluminium upstream business rose 55 per cent to INR 70 billion (USD 745 million) in quarterly EBITDA. Earnings from non-LME-linked businesses rose 50 per cent to INR 68.6 billion (USD 731 million). Copper also...
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Kumar Mangalam Birla, the chairman of Aditya Birla Group, will invest INR 2,165 crore by October to raise his stake by 5% to 37% in Hindalco Industries by converting 15 crore preferential warrants into equity shares, a group executive with direct knowledge of Birla's plans said. The company, India's largest aluminium producer, had issued warrants to Birla in March 2012 with a conversion price of INR 144.35 a piece, a 54% premium to Wednesday's closing price of 93.35. Birla, who has already paid INR 541 crore in March 2012 to convert 10% of the preferential warrants, will lose the initial deposit if he does not convert all the warrants. "Birla will convert the preferential warrants into equity shares," another group executive confirmed. Birla, who owned only 17% of the company a decade...
LME aluminium is expected to revisit its Tuesday low of $1,892 per tonne, as a drop from the recent high of $1,949 has not completed. The drop may be composed of three waves labelled a, b, c. The wave b seems to have completed within a resistance zone of $1,914-$1,921, formed by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from $1,949 to $1,892. The downward wave c may have started, progressing towards $1,882, its 61.8 percent Fibonacci projection level. Resistance is at $1,921, a rise above which may be capped at $1,927, the 61.8 percent retracement.
ICICI Securities has maintained 'Reduce' on National Aluminium Company (NALCO) with target price of Rs 27 as against current market price (CMP) of Rs 26 in its report. Commenting on the investment rationale, ICICI Securities said, ''National Aluminium Company (NALCO) reported lower than expected Q1FY14 earnings results, with 12% top line and 20% EBITDA disappointment. The disappointment came in Alumina and Aluminium production as well higher-than-expected power and fuel costs. Despite getting 89% linkage allotment, NALCO (Q,N,C,F)* witnessed Rs 400/te QoQ increase in coal costs. To note here, the premiums achieved on Aluminium sales are much more market linked compared to that for Bharat Aluminium Company (BALCO) and Vedanta Aluminium (VAL; USD 216/te for Q1FY14). The company undertook...
A western Kentucky electric utility is telling customers their rates will increase by more than 20 percent after its power supplier lost its biggest customer, an aluminum smelter. Jackson Purchase Energy Corp. is telling ratepayers their electric bills will increase by an average of about $22 a month. The higher rates begin Tuesday. The utility's power supplier, Big Rivers Electric Corp, recently lost the Century Aluminum smelter in Hawesville as a customer. Big Rivers is requesting a $68.6 million rate increase to cover the losses. "No one likes to see our members have to pay more for electricity," Jackson Purchase Energy chief executive Kelly Nuckols said in a statement. "Especially in a situation like this when it is totally beyond our control." Nuckols said the utility is attempting...
The mining giant Glencore Xstrata reported sharply lower results on Tuesday after it wrote down $7.7 billion on the value of assets it acquired as part of the merger that created the company. However, it defended its long-delayed merger three months ago, saying that cost savings would be higher than expected. During the first half of the year, the new company posted a net loss of $8.9 billion (6.6 billion euros), owing to merger write-downs. The group's shares have fallen by about 11.0 percent since the merger. Despite the dramatic switch from the $2.2 net profit the business made a year earlier, on a comparable asset base, it said it expected to pay an interim dividend and said merger benefits would be bigger than expected. "We continue to work tirelessly and diligently to maximise...
Russia's Rusal , the world's largest aluminium producer by output, may delay the start of production at one of its biggest projects, seeking to ease a global glut of the metal. Rusal , led by Russian tycoon Oleg Deripaska, and other big aluminium makers are cutting output in response to record inventories and stubbornly low prices of aluminium, used in vehicles and packaging. U.S. producer Alcoa Inc, Rusal's main rival, last week suspended production at smelters in Brazil as part of a review of its capacity. Rusal reported a steeper-than-expected loss for the second quarter earlier on Monday and said it may postpone the start of production at its Boguchansk smelter in Siberia to 2014. "Very probable that we would not start it this year and postpone it till the next year," first deputy...
As part of amalgamation, Vedanta Group firm Sesa Goa today said its merger of Sterlite Energy and demerger of aluminium business of Vedanta Aluminium into it have become effective. In a BSE filing, the company also said that its wholly-owned subsidary Bloom Fountain Limited would acquire 38.68 per cent stake in Cairn India together with associated debt, effective from August 26. "Further, the company has also approved the acquisition of 1,215 MW thermal power plants situated at Jharsuguda and 90 MW co-generation facility at Lanjigarh from its wholly-owned subsidiary VAL, on a going concern basis," it said. "The above transaction would complete Vedanta Group's consolidation and simplification as announced on February 25, 2012," Sesa GoaBSE -8.76 % said. Vedanta had announced the merger in...
Bharat Aluminium Company's (BALCO's) stake sale has also been cleared of legal issues, say sources. Similarly, Hindustan Zinc climbed around 12 percent to Rs 117.40 on news that legal hurdles surrounding divestment in the firm had have been cleared, according to CNBC-TV18 sources. Majority stakes in both these companies were sold to Vedanta group during 2001-2003 and now the government has a residual stake of 29.5 percent stake in Hindustan Zinc and 49 percent stake in Bharat Aluminium Company (BALCO). The Law Ministry had been asked to provide its opinion as there were complex issues in selling remaining stakes in both the firms . Meanwhile, the government has budgeted Rs 14,000 crore from residual stake sale in companies like Hind Zinc. However, the government had to wait as the mines...
Tomago Aluminium believes it is well positioned to ride out the industry downturn after carrying out a restructure to cut costs. Last year around 100 jobs were axed at Tomago, around the same time the other Hunter smelter at Kurri Kurri was forced to shut its operations. One of Australia's largest producers, Alcoa, has forecast a seven per cent increase in prices for the metal this year and the industry's also been buoyed by a fall in the Australian dollar. Global over-supply of aluminium is the latest challenge facing producers, but Tomago spokesman Warren Brooks expects the plant can survive without the need to shed more jobs. "We had to face the difficulty of making a reorganisation last year," he said. "This year has been much more a continued focus on cost reduction. "There are no...
Ormet Corp is negotiating with its equity owner for additional liquidity to keep remaining aluminum operations running, after shutting down two potlines late last week, a spokesman at the U.S aluminum producer said on Monday. On August 1, the Hannibal, Ohio-based company began shutting two of the smelters' four operating potlines in order to keep electricity costs under control while it waits for an August 27 hearing on the matter. ""We've asked for additional liquidity, which would assist us to get through this--not just the hearing on the 27th, but the Public Utilities Commission would then have to act,"" he said. He added that the company was negotiating for additional liquidity from its sole equity sponsor Wayzata Investment Partners LLC to avoid having to completely curtail...
The monthly loss of RUSAL ALSCON has reached $1.4million, it was learnt yesterday. Speaking with reporters in Uyo, the Akwa Ibom State capital, the firm’s Director of Public Relations, Tatyana Smirnova, said the plant had suffered regular disruptions in gas supply since 2007. He explained that a second gas pipeline would enable ALSCON to develop the plant and reduce its losses, adding that the plant has survived six gas outages, that required $60million to fix. Smirnova noted that during its operations, the plant used only 11 per cent of its production capacity churning out 197,000 tons of aluminium yearly. Her words: “The cost of production of aluminium in 2012 was $2,886 per ton, while average market price for aluminium in 2012, was about $2,000 per ton. The losses of ALSCON during...
"World aluminum consumption will grow 6 percent this year and through 2015, according to United Co. Rusal, the world’s largest producer of the metal. Global aluminum consumption will reach 50 million metric tons in 2013, the Moscow-based company said in its first-half results statement today. Growth will be driven by demand in China, where it’s expected to rise 9.5 percent, Asia excluding China, with a rise of 6 percent, India with an increase of 6 percent, and North America which is seen advancing 5 percent, according to Rusal. China’s consumption will be spurred on by an increase in car production, infrastructure investments and home appliance purchases in rural areas under a stimulus program, Roman Andryushin, chief operating officer of Rusal’s marketing unit, said at a teleconference....
Hertwich Engineering has commissioned a batch homogenizing furnace and a cooling station at Dubal (United Arab Emirates), the homogenizing plant being the third of its kind to be commissioned by Hertwich within the aluminium smelter complex. Such batch homogenizing furnaces are designed for extra-fast heating of logs. A reversing air concept and regulation by flaps accelerates the heating by an estimated 20%, and achieves improved temperature uniformity. Optimized heating is fully automated and is regulated over measured air- and metal temperatures. The same enhancement is included in the cooling station for more efficient cooling. Hertwich Engineering GmbH is a company of the SMS group which, under the roof of the SMS Holding GmbH, consists of a group of global players in machinery and...
LME aluminium is expected to retrace to $1,918 per tonne, as it faces a resistance at $1,943. The resistance is provided by the 161.8 percent Fibonacci projection level of an upward wave C which started at the Aug. 7 low of $1,773.25. The bearish divergence on the hourly RSI indicates the wave C has become very exhausted and may peak around this resistance. The immediate support will be at $1,918, the 138.2 percent projection level. A further gain from the current level may be limited to $1,958, the 176.4 percent projection level. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Aluminum prices have extended to the downside and in doing so the trend has turned from a sideways rangebound market to a downward one, the Aluminum Analysis and Forecast Q2 2013 report said. Given the market has been in a supply surplus since 2007 and stocks have built up accordingly, the report noted that prices to be under pressure is not a surprise. In recent years, banks, producers and traders have done their utmost to hold the surplus aluminum off market as they tried to out-run the global economic slowdown, but it now looks as though the recovery has not come about as fast as expected. In the first five months of 2013, primary aluminum production recorded by the International Aluminum Institute (IAI) showed global production of 10.313 million tons, which was down 0.1 percent on the...
US service centers shipped 128,600 mt of aluminum products in July, up 5.7% from July 2012, the Metals Service Center Institute said Thursday. Aluminum shipments in the first seven months of the year totaled 867,600 million mt, 5.2% below the same period last year, MSCI said in a statement. Inventories of aluminum products hit 367,400 mt at the end of July, a decrease of 5.2% over July 2012. MSCI said that at the current shipping rate, this represents a 2.9-month supply in aluminum inventory, down from 3.2 months a year ago. It said 12,400 mt of aluminum products were shipped by Canadian service centers in July, 0.3% below the same month last year. Canada's aluminum shipments in the first seven months of 2013 were 92.3 mt, 3.7% below 2012. Canadian service center inventories of aluminum...
Proposed rule changes for industrial metals warehouses and increased scrutiny by regulators are likely to unleash stored aluminium, adding to the global surplus and forcing more smelters to shut. The new rules will slash the profitability of financing deals that have locked up metal in London Metal Exchange (LME)-registered warehouses and kept millions of tonnes of aluminium off the market, which has supported prices. "The conclusion we've drawn from the warehousing financing issues is that it is pretty much coming towards the end game," consultant Marco Georgiou of CRU in London said. Backlogs in deliveries from the LME warehousing network have created long queues and inflated the premiums to obtain physical metal, sparking complaints from consumers. Those complaints have led to a string...
The board of directors at Russian Aluminum, or Rusal, has approved a change to production volume aimed at cutting costs and boosting margin, that has output this year down by 357,000 tonnes, or 9%, rather than the earlier-planned 300,000 tonnes, the company said. "The board of the company has approved an additional program of production reductions to improve costs and margins, beyond those previously announced. The updated program will see production halted at a number of the least efficient smelters in the aluminum division West as well as reduced at certain smelters in Siberia. Production is forecast to be reduced by 357 thousand tonnes (or by 9%) in 2013 vs. 2012. Full effect of the program will be reflected in 2014," the company said. Rusal will announce its long-term strategy for...
