Category: Global Trade

“There's absolutely no doubt that aluminum will be a growth platform for us going forward,” said Mark Millett, co-founder, chairman & CEO of the Indiana-based steelmaker.

“Both parties will now solely focus their greenfield development efforts in the United States on the Inola, Okla., site,” the companies said in a press release.

A weekly review of global political developments, market volatility and key macroeconomic data shaping equities, commodities, energy and trade heading into the week of Jan. 26.

The smelter is expected to be fully ramped up by end of the year, the mining company said.

Alcoa's full-year 2025 results show higher aluminum production yet lower shipments as the company outlines its 2026 outlook and capital posture.

Let’s unpack the facts behind this move.

The move comes as pressure is increasing to keep scrap at home but US tariff exemptions have made exports more appealing.

The soaring Midwest premium, scrap bans, tariffs and geopolitical issues—we have plenty to talk about in 2026.

Rising global capital and power costs, driven by China's production cap and higher-cost expansion in Indonesia, are structurally resetting aluminum's incentive price, making higher LME levels necessary to unlock new primary capacity outside China.

China's expanding trade surplus reflects a strategic rotation away from US markets and toward higher-value exports, even as domestic demand remains under pressure.