Mexico is approaching the final stages of negotiations with the United States on reducing tariffs on aluminum and steel products, with officials indicating that a deal could significantly lower the effective tariff burden on Mexican exporters. Luis Rosendo Gutiérrez, Mexico’s undersecretary of foreign trade, said talks had made progress during the National Auto Parts Industry congress. Discussions covering the automotive sector are targeting a 15% tariff, which could fall to an effective rate of around 4% to 5% after deductions linked to regional value content. The potential reduction would bring Mexico closer to tariff levels faced by competitors including Japan, South Korea and Germany, improving the position of Mexican suppliers in the US market. Explore the production, demand and...
CLSA expects the Odisha High Court’s dismissal of Vedanta Aluminium Metal’s bauxite petition to have a muted medium-term impact, despite a potential one-time liability and higher aluminium production costs. The Odisha High Court dismissed Vedanta Aluminium’s petition seeking bauxite supplies from Odisha Mining Corporation (OMC) at the historical rate of INR 1,000 (USD 10.38) per tonne. CLSA said the order could result in a one-time financial impact of up to USD 290 million, including interest, while also increasing the company’s aluminium production costs. The brokerage estimated OMC’s claim for historical dues at around INR 2,500 crore (USD 59.50 million) before tax, excluding interest. Including interest, the one-time impact could reach USD 290 million, equivalent to around 2.8 per cent...
Grow with
AL Circle
Aluminum was the worst performer in the Friday's trading session both globally and locally despite the US consumer confidence increased marginally and the pending home sales also showing marginal improvement even though the data was lower than the market expectations. However the stocks front aluminum witnessed decent drawdown in its inventory while cancelled warrants also increased. The aluminum stockpiles fell by 51,875 MT from 5,357,700 MT to 5311300 MT and the cancelled warrants increased by 1% from 2484600 MT to 2483300 MT in the last seven to eight trading sessions. The daily PVO table suggests volumes and open interest have increased significantly due to the contract shifting. Though PVO analysis on an aggregate basis suggests that the underperformance in the commodity might...
Aluminium Bahrain B.S.C. (Alba) demonstrated its confidence in Bahrain as an industrial and financial destination through its participation in the two-day Euromoney GCC Financial Forum held at The Ritz Carlton Bahrain, on March 4 and 5, 2014. The Euromoney GCC Financial Forum will highlight the role of financial services in the development of GCC and focus especially on Bahrain and its key sectors that have relevance for the wider region such as real estate, housing, SMEs, etc. Alba will showcase its high-grade aluminium products and provide information on Alba’s contribution to Bahrain’s economy as well as its health, safety and environmental policies and initiatives. Commenting on Alba’s participation in the Euromoney GCC Financial Forum, Alba’s Chief Financial Officer, Ali Al Baqali...
National Aluminium Company fell 2.50% to INR 33.15 at 9:19 IST on BSE after the stock turned ex-dividend today, 5 March 2014, for interim dividend of INR 1.10 per share for the year ending 31 March 2014. Meanwhile, the BSE Sensex was up 69.30 points, or 0.33%, to 21,279.03. On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 1.04 lakh shares in the past one quarter. The stock hit a high of INR 33.40 and a low of INR 33 so far during the day. The stock hit a 52-week high of INR 47.45 on 13 March 2013. The stock hit a 52-week low of INR 24.10 on 6 August 2013. The stock had underperformed the market over the past one month till 4 March 2014, rising 3.19% compared with the Sensex's 4.94% rise. The scrip had also underperformed the market in past one...
Taking weak cues from global markets, aluminium prices fell marginally to INR 108.25 per kg in futures trading today as speculators offloaded their positions. Further, sluggish demand in the domestic spot markets also weighed on the metal's prices. At the Multi Commodity Exchange, aluminium for delivery in April eased by 40 paise, or 0.33%, to INR 108.25 per kg in a business turnover of two lots. Similarly, the metal for delivery in March traded lower by 35 paise, or 0.30%, to INR 106.85 per kg in 73 lots. Market analysts said the weakness in aluminium at futures trade was mostly in tandem with a downtrend in base metals at the London Metal Exchange and subdued spot demand.
Alcoa today announced that Aquilino Paolucci, Vice President of Business Development and Regional Affairs for Latin America, has been named President of Alcoa Latin America and the Caribbean (LAC), effective as of March 1. Paolucci succeeds Franklin Feder who is retiring from Alcoa effective August 1 after 23 years with the Company. In addition to overseeing Alcoa’s operations in Latin America and the Caribbean, Paolucci, 49, has also been named President of Global Primary Products (GPP) for Latin America and the Caribbean, with responsibility for all GPP operations in the region. Paolucci reports to Alcoa Chairman and CEO Klaus Kleinfeld for the regional role and to GPP Chief Operating Officer Roy Harvey for the GPP role. “Paolucci brings wide-ranging experience helping to grow...
The Aluminum Corp of China goes back into the black, with its earnings report of 2013 that showed the company made a total profit of 173 billion yuan ($28 billion) in 2013, up 16% year-on-year. The company suffered a loss of 8.2 billion yuan in the year 2012 and from there went into making a profit of 948 million yuan profit in the year 2013. The company said their total profit made in the last year can be largely attributed to their stricter management, increased capital operation and tighter control of expenditure despite the stagnant performance of the industry. According to earnings report, last year the company cut down the cost of making alumina products by 9 percent, and electrolytic aluminum products cost decreased by 5 percent. This resulted in the increase in profit which...
Emirates Global Aluminium is an aluminium conglomerate in the UAE formed by Investment Corporation of Dubai, Mubadala Development Corporation, Aluminium ( DUBAL ) and Emirates Aluminium (EMAL). The body is expected to improve the quality and excellence of the UAE aluminium industry. Further certifications received in 2013 by DUBAL & EMAL, according to the management system standards from the International Organisation for Standardisation(ISO) has also highlighted the rising success of the UAE aluminium industry. In December 2013, EMAL received ISO 10002 Certificate for efficient Complaints Handling. EMAL has been upgraded to ISO 10002 from ISO 9001 to which EMAL is already certified. In 2013, 100 per cent of complaints from customers have been handled successfully by DUBAL's Customer...
Aluminium Bahrain B.S.C. (Alba), today, March 9 2014, announced a contribution of BD 100,000 towards the newly established Royal Fund for Martyrs of Duty for the families of those who have died in the line of duty for the Kingdom of Bahrain. The Royal Fund for Martyrs of Duty by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister - established with an initial allocation of BD1 million - aims to lend a helping hand to the martyrs' families and children and ensure social security and family stability for them. Alba is honoured to support the Royal Fund for Martyrs of Duty and expressed its deep gratitude to the tireless work done by the security and service personnel in safeguarding the Kingdom.
Alcoa has been named the most admired metals company in the world for the third consecutive year in Fortune magazine’s prestigious annual ranking on corporate reputation. Alcoa has been on the since Fortune began the annual ranking 31 years ago. Alcoa also received top ranking in eight of the nine key attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long term investment, and quality of products and services. "It is an honor for Alcoa to be named the most admired metals company for the third consecutive year," said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld. "This recognition is a tribute to Alcoa’s 60,000 employees around the world who are committed to serving our customers and...
AMAG Austria Metall said on Friday fourth-quarter core profit rose 2 percent, helped by cheaper raw materials, higher premiums and price hedges. Earnings before interest, tax, depreciation and amortisation (EBITDA) were 24 million euros ($32.8 million), beating the average estimate of 22 million euros in a Reuters poll of analysts. The aluminium producer proposed holding its dividend steady at 0.60 euros per share. It said earnings were likely to decline in 2014 if low aluminium prices and tight margins persisted in its Casting and Rolling divisions.
Russian giant Rusal sees global aluminum demand to grow by 6% this year over 2013. According to RUSAL, China and other Asian economies are expected to grow strongly and the developed markets including the US and Europe should continue to show a healthy growth. Aided by strong growth within Asia, the US and by a continued market rebound in Europe, global aluminium consumption rose by 6% in 2013 to 51.7 million tonnes, with ex-China consumption rising by 4% year-on- year to 26.23 million tonnes. Consumption in China, the largest growing market, grew by 13% year-on-year to 25.5 million tonnes, followed by India (6% growth), ex-China Asia (6% growth) and North America (4% growth). Consumption growth in Europe continued, with a strong rebound seen in H2 2013 and total 2013 growth reaching 2%,...
In a bid to double its production capacity by 2019, state-owned aluminium maker PT Indonesia Asahan Aluminium (Inalum) is planning to build a new smelter in the first half of this year, with estimated investment to reach US$1 billion. Inalum development director Winardi Sunoto said on Thursday that the company was conducting a feasibility study, which was expected to be completed by the end of this year. “As soon as the study concludes, we will continue with bidding to get contractors and complete other steps that may take between six and eight months,” he told The Jakarta Post on the sidelines of a smelter summit, adding that construction would kick off after the series of steps. The planned smelter is designed to have a production capacity of 200,000 tons of aluminum ingots. As part of...
Aluminium ingots produced by Mozal aluminium foundry in Mozambique may be exported to Netherlands, said Lilianne Ploumen, the DutchMinister for Foreign Trade and Development Cooperation as reported in Correio da Manhã, Mozambican newspaper. According to this report, the minister has not mentioned the quantities or date for the operation to start, but noted only the Mozal and Mozambican authorities have been contacted and “is going well.” This follows a demand in the global demand for aluminium, particularly between 2012 end and April 2013 that has resulted in the reduction of revenues of Mozal by 2.6% from January- September 2013. The shareholders of Mozal are mining group BHP Billiton (47.1%), Industrial Development Corporation of South Africa (24%), the Mitsubishi Corporation (25 %) and...
Montreal will be hosting the Canadian International Aluminium Conference and bring together some of the leading aluminum experts in the world. Researchers, lectures and major organizations of the industry will share this platform to present their individual outlook for aluminium with ever-increasing applications. The Aluminum Association of Canada (AAC) will be organizing this aluminium conference. It will discuss the best practices, sustainable development, innovation and strategic topics of interest to the decision-makers in aluminum industry as well as the owners, suppliers, operators and industrial users. The entire life cycle of aluminum will be discussed at this conference: from extracting ore to recycling and also includes three levels of aluminium processing, the global market and...
Noranda Aluminum Holding Corp. has earned a consensus recommendation of “Hold” from the nine analysts that are presently covering the stock, American Banking & Market News reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $3.29. Noranda Aluminum Holding Corp. last released its earnings data on Wednesday, February 19th. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.19) by $0.31. The company had revenue of $339.90 million for the quarter, compared to the consensus estimate of $296.14 million. The...
More than 4,000 business leaders, engineers, scientists and other professionals in the minerals, metals and materials fields attended the 143rd TMS Annual Meeting & Exhibition in San Diego, California on 16th – 20th February 2014. The TMS 2014 Annual Meeting presented nearly 70 symposia covering a broad range of topics related to materials science and engineering. Conference The Aluminium Keynote Session focussed on the aluminium industry supply chain and how it will move on to the next ‘S curve’. Over several decades, research and development within the aluminium industry has been constrained by factors such as cost cutting and ‘rationalisation’ following company mergers and take-overs. Speakers from Alcoa, Hydro Aluminium and Rio Tinto, explored this topic from the perspective of...
Aluminium Bahrain B.S.C. (Alba) announces the appointment of the new Board of Directors, effective immediately, during the Board of Directors meeting for the year 2014, held on Thursday, February 27, 2014 at the Gulf Hotel, Kingdom of Bahrain. The new Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said on this occasion: “It is a great honour to chair the Board of Directors of Alba. Together with my fellow board members, we remain committed to better serve the shareholders whom we represent; we also look forward to work along the Executive Management team to take Alba to the next level, to consistently deliver reliable performance as well as continue to create long-term shareholder value.” The new Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa...
Aluminium Bahrain B.S.C. (Alba), held its Annual General Meeting ‘AGM’ on Thursday, February 27, 2014 at the Gulf International Convention Centre, Gulf Hotel, Kingdom of Bahrain, during which approval was given to the distribution of cash dividends related to the fiscal year 2013. The total dividends for the fiscal year 2013 amounted to US$ 105 million (BD 50.7 million) - equivalent to 36% of the nominal value of the company’s shares - which is 36 fils per share, of which 14 fils (interim dividend) has already been distributed to the shareholders in September 2013. The final dividend for 2013 of US$ 82 million (BD 30.9 million) will be payable from March 13, 2014 to Alba's shareholders of record as of February 27, 2014. During the AGM, the shareholders approved the appointment of the new...
