Century Aluminum’s proposed USD 4 billion primary aluminum smelter in Inola, Oklahoma, is “moving forward on all fronts” as the company prepares for construction, despite local opposition and legal challenges, CEO Jesse Gary said during the company’s third-quarter earnings call. Developed jointly by Century Aluminum and Emirates Global Aluminium (EGA), the project is designed to produce 750,000 tonnes of primary aluminum annually, potentially doubling U.S. primary aluminum production. The facility is expected to create thousands of direct and indirect jobs and add USD 1.5 billion to Oklahoma’s gross domestic product, according to company estimates. The partners had targeted construction to begin by the end of 2026. However, local restrictions and permitting challenges have affected the...
LME aluminium stocks declined by more than half during the first nine months of 2026, falling by 267,875 tonnes from 509,250 tonnes on January 2 to 241,375 tonnes on September 30 (52.6 per cent). The decline continued throughout the period, with average warehouse inventories falling each month. Compared with the same period in 2025, monthly average stocks were lower across all nine months, with the gap widening in the third quarter. Q1 LME aluminium stocks fall 18.2 per cent LME aluminium inventories continued to decline during Q1 2026. Month-end stocks fell from 495,725 tonnes in January to 465,550 tonnes in February, before dropping further to 416,775 tonnes in March. Monthly average inventories stood at 498,670 tonnes in January, 481,801 tonnes in February and 440,710 tonnes in March....
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Global aluminium production grew by 7.4 percent to 43.4 million tonnes in 2011, according to figures released by the International Aluminium Institute (IAI). The twin drivers of that growth were China and the Gulf, where production grew by 10.3 percent and 27.5 percent, respectively. Last year's growth dynamic is key to understanding this year's market dynamic, based as it is on producers' collective response to prices that are cutting into the global cost curve. Analysts at Barclays Capital wrote last week that based on an average price of $2,090 per tonne so far in January, "close to 45 percent of smelters globally have seen their margins turn negative". The list of producer cutbacks is lengthening. Norway's Norsk Hydro said earlier this week it would shut one potline with annual...
Qatar Automotive Gateway (QatarAg) is in negotiations with leading American and Asian companies specialising in the manufacture of aluminium components as well as the cathode and anode rods used in lithium-ion batteries, the main part in electric vehicles. This was announced by QatarAg chairman Ghanim bin Saad al-Saad at the opening session of the second Middle East Automotive Summit, held yesterday under the theme “The New Age of Mobility”, as part of the Second International Edition of Qatar Motor Show. Describing the summit as an ideal platform for launching QatarAg’s future projects, he recalled that the investment initiative was launched a year ago to establish an advanced industrial zone to host some of the most promising segments of the automotive industry value chain by 2020. “The...
UBS AG said aluminum will average $1.01 a pound this year and $1.15 a pound next year, with demand growing faster than supply next year. Copper’s average will fall from $3.60 a pound this year to $3.20 a pound next year when supply and demand will be in balance after a shortage this year, Peter Hickson, an analyst at the bank, said in a report dated today. Nickel will strengthen throughout 2012 and average $8.98 while zinc falls from $1.03 a pound this year to $1 a pound next year, according to the report.
China’s net aluminum imports totaled 143,173 metric tons in 2011, Bloomberg calculations based on customs data showed. Imports by China fell 2.1 percent last year to 225,044 tons, while exports declined 58 percent to 81,871 tons in the period, the General Administration of Customs said by an e- mailed statement today.
In response to the economic slowdown, low metal prices and a weak market, Norsk Hydro has announced that it will stop one of its production lines at its facility located in Kurri Kurri in Australia. The company has taken this decision in consultation with its employees. The company will stop production from potline 1 which was installed in 1969 and has a production capacity of 60,000 metric tons/year. The curtailing will result in the loss of around 150 jobs. The curtailing of the production line, which will involve costs of around $20 million, will commence in the near future and is likely to be carried out over a period of 6-8 weeks. According to the Executive Vice President of the Primary Metal Business of Hydro, Hilde Merete Aasheim, operating the plant under the current scenario was...
Lenders have signed a covenant waiver agreement with Russian aluminium producer Rusal on its multibillion pre-export financing. Trade Finance provides full details on the new agreement. Lenders have agreed to offer Russian aluminium producer Rusal the option of introducing a 12-month covenant holiday on its $4.75 billion pre-export financing (PXF) signed in September 2011. Rusal will be able to begin the holiday from any quarter in 2012. Trade Finance understands that as part of the new waiver agreement Rusal has decided to accelerate the date of a $500 million bullet repayment on the loan to this month. Market sources explain that the covenant holiday is a precautionary measure to safeguard against a possible breach of covenants by Rusal in its present PXF agreement. Under the existing...
Aluminum maker Alcoa Inc. will pay a regular quarterly dividend on its common stock of 3 cents per share. The company said Friday that its common stock dividend will be payable Feb. 25 to shareholders of record at the close of business Feb. 3. Earlier this month, Alcoa reported its first net quarterly loss in more than a year. But CEO Klaus Kleinfeld predicted that cutbacks in aluminum production will help boost global aluminum demand by 7 percent in 2012. Shares of Alcoa fell 3 cents to $10.15 in midday trading.
Vedanta group firm Sterlite Industries today reported a decline of a little over 17 per cent in its consolidated net profit to Rs 913.52 crore for the quarter ended December 31. This was largely due to increased costs and a foreign exchange loss of Rs 425.39 crore. The company had reported a net profit of Rs 1,101.06 during the corresponding quarter of 2010-11. Its net sales rose 23.53 per cent to Rs 10,246.18 crore during the quarter vis-a-vis Rs 8,294.32 crore of the October-December quarter of FY'11, it said in a regulatory filing at BSE. Profit of the company was marred by rupee depreciation during the quarter as it incurred a forex loss of Rs 425.39 crore as compared to a loss of Rs 21.25 crore during the Q3 of 2010-11. Besides, its total costs on operations increased by about 28 per...
President of Azerbaijan Ilham Aliyev has today attended the opening of the Ganja aluminum factory complex. "DET AL" aluminum complex covers the total area of 74 hectares. It features electrolysis, anode and metal factories. The foundation stone of the complex was laid in 2008. The construction of the complex involved over 2,000 people. The facility`s preliminary manufacturing output is 50,000 tons of aluminum per year. The complex created 640 jobs at the preliminary stage, with the average monthly salary being AZN450 or nearly $580. The President viewed the complex`s electrolysis factory. Raw material for the factory is purchased from the Netherlands, Indonesia, China, Russia, Mongolia, Latvia, Venezuela and Tajikistan. The Head of State visited the complex`s automated control center. He...
UC Rusal has launched a magnetic hydrodynamic mixer at its Krasnoyarsk smelter’s casthouse to extend its alloy product range. The $2M magnetic hydrodynamic mixer will enable the Krasnoyarsk aluminium smelter (KrAZ) to produce 1000, 3000, 5000 and 8000 series alloys and to increase the production quality. The new inductor can mix metal in 100t holding furnaces with the use of a magnetic field, without the metal inside ever being touched. As a result, the smelter will produce top quality rolling slabs, which can be used for cans and printing production. The equipment will allow KrAZ to increase its exposure to most in-demand alloys. The smelter’s top priority is to develop strong ties with consumers from Asian countries such as Japan, China, and South Korea while increasing the share of...
Sales at Aluminium Bahrain (Alba), which owns the world's fourth-largest aluminum smelter, grew 1.3 percent in the fourth quarter of 2011 despite a challenging year, the company said on Wednesday. Bahrain was rocked by months of anti-government protests which began in February. The government's martial law, imposed in March, was lifted on June 1. Alba said sales were 227,042 tonnes in the fourth quarter, up from 224,054 tonnes in the same period a year earlier. "Alba's success is significant because 2011 was challenging for industries in Bahrain, and yet, this year Alba's sales and production demonstrated a consistent upward trend," Alba Chief Executive Laurent Schmitt said in a statement. "We are hopeful that Alba will witness another success story in 2012 with the active support of its...
UC RUSAL the world’s largest aluminium producer, is pleased to announce the completion of negotiations with its lenders regarding an option to introduce a covenant holiday in 2012-2013. RUSAL has agreed with its lenders to amend the current terms of the credit facilities to better reflect the global market environment. In particular, the Company now has the option to introduce a 12 month covenant holiday, starting from any quarter in 2012. In addition, the definition of the interest cover ratio has been amended to bring it in line with the standard market approach to this definition and financial ratio. The Company continues to fulfill its obligations under the existing credit facilities, including maintaining financial covenants at agreed levels. If required, the Company can decide to...
Aluminum, the second best-performing metal on the London Metal Exchange this year, may extend a rally to $2,295 per ton in the next few weeks, according to technical analysis by Commerzbank AG. “Aluminum has maintained its break higher and continues to correct higher,” Karen Jones, a Commerzbank technical analyst in London, wrote in a Jan. 18 report. The erosion of the December high of $2,168 suggests an extension of the rally, she said in a telephone interview today. Aluminum for delivery in three months on the LME rose as much as 1.3 percent to $2,233 a ton, the highest price since Oct. 31, and traded at $2,228 a ton by 6:47 p.m. Seoul time. “We believe that the market has some unfinished business on the topside near term and we would allow for an extension of the rally to the $2,278/95...
After Alcoa's ( AA , quote ) earnings, the story in aluminum right now is about whether the industry has conquered the overproduction that crippled its margins in recent years. AA represents 10% of global production. Capacity still needs to come down and the Chinese producers like Alchina ( ACH , quote ) are the biggest part of the problem here. The good news is that the Chinese now have to ramp up power supply just to meet everyday demand. Aluminum is an extremely power-dependent business, so Beijing itself may force these companies to slow down to save power. But if you're expecting AA to be a major read on the economy, you may be looking too far afield. Demand has found a base here. Aluminum has totally underperformed and the stocks look cheap, but they have yet to solve their...
Romanian aluminum smelter Alro SA (ALR) may temporarily halt some production, lowering total capacity, or restructure operations as power supplies from hydropower generator Hidroelectrica SA falter. Alro, majority owned by Vimetco NV (VICO), is trying to avoid an output cut as Hidroelectrica is only providing about 50 percent of needed electricity, forcing the smelter to buy the rest from the overnight market at much higher costs, the company said today in a filing to Bucharest Stock Exchange. “We are focusing now on maintaining the activity,” Alro Chief Executive Officer Gheorghe Dobra said in the statement. “We are confident that we’ll find an acceptable solution regarding the electricity supplies, and we’ll be able to implement our long-term development strategy in Romania.” Alro plans...
New Delhi Aluminium futures gained 0.27 per cent today after speculators enlarged their positions, driven by firming trend at the London Metal Exchange (LME). At the Multi Commodity Exchange, aluminium for delivery in current month gained 30 paise, or 0.27 per cent, to Rs 110.50 per kg, with a business turnover of 64 lots. The metal for delivery in February also strengthened by 25 paise, or 0.22 per cent, to Rs 111.50 per kg, with a trading volume of four lots. Meanwhile, at the LME aluminium rose 0.5 per cent to USD 2,215 per tonne. Analysts said firming trend in the entire base metals at the LME after positive US economic data, influenced aluminium futures prices here.
Norsk Hydro ASA has decided to curtail one of three production lines at its Kurri Kurri aluminium plant in Australia. The decision follows a consultation process with the local employees. "Kurri Kurri is in a tough spot, and we need to take swift actions to reduce losses. Operation under current conditions is not sustainable. Curtailing one line gives some relief to the situation, but we need to consider whether this is enough," says Hilde Merete Aasheim, executive vice president of Hydro`s Primary Metal business area. Reducing production in Kurri Kurri will be done by curtailing potline 1, commissioned in 1969, representing an annual production of 60,000 metric tons. 150 jobs will consequently become redundant. The cost of curtailing potline 1 is estimated at approximately USD 20...
A resource analyst says it will continue to be a difficult time for Australian aluminium producers due to energy costs and a global oversupply of the product. Recently, there has been a global drop in aluminium prices. Last year, Rio Tinto Alcan announced it was selling off 13 of its aluminium assets in Australia and New Zealand, including the Boyne Smelters and the Gladstone Power Station, so it can bolster its financial performance. Peter Chilton from Constellation Capital Management says overseas supplies are affecting the price of the Australian product. "Big supplies from overseas, particularly China, which means that quite a large supply, that'll put a lid on prices, which means that margins from Australian producers will remain subdued," he said. "We are seeing some cutbacks in...
