Constellium divests Chinese joint venture as part of Vision 2028 strategy
Constellium has sold its ownership stake in its automotive structures joint venture in Changchun, China, along with its partner, to a Chinese automotive holding company. The Changchun facility manufactures aluminium crash management systems and other structural components for the Chinese automotive...
Gulf aluminium producers accelerate overseas acquisitions amid geopolitical and supply chain risks
Aluminium producers in the Gulf are increasing overseas acquisitions and investments as they seek to strengthen supply chains, expand market access and reduce exposure to regional risks. The trend comes as geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz...
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Chalco transfers stake in iron ore venture
The Hong Kong listed aluminum giant Chalco said it is transferring its stake in an iron ore venture to its parent company Aluminum Corp of China Ltd., to improve its capital structure. Chalco Hong Kong Ltd plans to dispose 65 percent of an equity interest in Chalco Iron Ore Holding Ltd., to...
Alcoa ties up with Russia's VSMPO-AVISMA to serve growing global aerospace Industry
Alcoa, the leading supplier of aluminum solutions to the world's aerospace industry, and Russia's VSMPO-AVISMA Corporation, the world?s largest manufacturer of titanium ingots and forged products, have agreed to join forces to meet growing demand for high-end titanium and aluminum products for...
Indonesia's SOE Ministry to take over Inalum finally from Japan
The House of Representatives agreed on Tuesday to hand over PT Inalum`s management to the State-Owned Enterprises (SOE) Ministry following the government`s decision to acquire it after three years of negotiations with the Japanese government. The House made the decision in its joint meeting with...
Japanese consortium wants $626 million for Inalum stake
Japanese consortium Nippon Asahan Aluminium (NAA) on Monday countered the Indonesian government’s offer for its stake in aluminum producer Inalum, which is set to expire on Oct. 31, and demanded $626 million. The government, which has in the past said that it will make Inalum a state-owned...
Indonesia's Inalum to become state owned company soon
The Indonesian government will go ahead with its plan to take over North Sumatra-based aluminum producer PT Indonesian Asahan Aluminium (Inalum), despite an arbitration threat from Japanese shareholders, Coordinating Minister for the Economy Hatta Rajasa said. According to Hatta, the government had...
Vedanta seeks shareholder support for buyouts in Hindustan Zinc & Balco
Vedanta Resources PLC issued a circular Monday, that seeks to extend shareholder support for its proposed purchase of the Indian government's minority stakes in Indian zinc producer Hindustan Zinc Ltd. and aluminum company Bharat Aluminum Co. Ltd. Vedanta called upon its shareholders to back a...
Montenegro court declares country's sole aluminium plant bankrupt
A Montenegrin court on Wednesday declared the country's sole aluminium plant and a top exporter bankrupt, paving the way for its sale to repay 380 million euros ($516.67 million) of debt. In its heyday in the late 1970s, Kombinat Aluminijuma Podgorica had 5,000 workers. With its workforce cut to a...
UAE records highest Merger & Aquisition deal value in the region
The UAE has registered $11.2 billion worth of Merger & Aquisition deals so far in 2013, the highest total deal value in the region, according to a Merger market report. M&A activity in Africa and the Middle East (MEA) was valued at $51.6 billion through the first three quarters of the year,...
Ormet seeks more time to file Chapter 11 bankruptcy plan
US aluminum producer Ormet Corp again is asking a federal bankruptcy court for more time to file a Chapter 11 reorganization plan that currently is due by October 23. The Hannibal, Ohio-based company, in a filing Friday with the US Bankruptcy Court for the District of Delaware, said it wants until...
Cape Alumina merger deal gets its bauxite project under way
Cape Alumina is set to secure funds to progress its $396 million bauxite project under a merger deal with coal junior MetroCoal. The companies have announced a scheme of arrangement merger that will create a $28m diversified resources house with the aim of developing the Pisolite Hills bauxite...
Alcoa may sell French, Spanish plants
US aluminium giant Alcoa is looking at selling its sole plant in France and two production sites in Spain, the head of the French facility said Monday. "Alcoa has decided to put up for sale its factory in France and two plants in Spain," the director of the plant in the southern French town of...
Cape Alumina and Metrocoal in posssible merger
Junior resources companies MetroCoal and Cape Alumina are expected to announce a deal today after both companies halted trading in their shares ahead of finalising a corporate merger. Cape Alumina has a market capitalisation of $13 million and Metrocoal is valued at $8m. "The trading halt is...
Press Metal sells off non-profitable aluminium smelting plant in China
Press Metal Bhd, which owns aluminium smelting plants in Mukah and Bintulu, is selling its loss-making facility in China. Its 90%-owned unit Hubei Press Metal Huasheng Aluminium and Electric Co Ltd, had entered into a final asset settlement agreement with Hubei Hashing Aluminium and Electric Co Ltd...
PT Inalum owner sees big gap with Indonesia in stake sale talks
The Japanese majority-owner of Indonesian aluminum producer PT Inalum said there was still a big gap to bridge in talks to sell its stake to the Indonesian government, with less than two months to go before their joint venture agreement expires. Yoshihiko Okamoto, chairman of Japan's Nippon Asahan...
RHB Research maintains buy on Press Metal, FV RM2.77
RHB Research is maintaining its Buy call on Press Metal with a fair value of RM2.77, which is a 30% discount to its fully diluted discounted cashflow valuation. It said on Friday Press Metal’s disposal of its loss-making Hubei smelter did not impact its RM2.77 FV. The FV also implied an undemanding...
Norsk Hydro ASA : Sapa to sell Raufoss extrusion and Swedish assets to SKA Invest
Under the agreement, SKA Invest will buy the former Hydro Aluminium Profiler AS extrusion plant at Raufoss, including its affiliated fabrication plant in Vetlanda, Sweden. SKA earlier acquired other businesses from Hydro - Hydal, Extrusion Tools and Hytrans. "SKA Invest has in the past acquired...
White Aluminum acquires Jensen Beach Aluminum
White Aluminum has announced the acquisition of Jensen Beach Aluminum adding to an ever-growing list of branch divisions. White Aluminum, headquartered in Leesburg, continues to expand service areas that now cover several counties across the middle, southwest and east coast portions of the state....
Norsk Hydro and Sapa complete aluminum extrusion joint venture
The transaction to combine Norsk Hydro's aluminum extruded products business area and Orkla's Sapa into a 50:50 joint venture has been completed as planned, the two Norwegian companies said Monday. Last October, the two companies announced a proposed joint venture which would own and operate the...
