Global Trade
March 24, 2026
Alcoa draws new orders as Iran war continues
Written by Stephanie Ritenbaugh
Aluminum producer Alcoa is receiving increased interest from customers as states in the Persian Gulf region curtail production amid the Iran war.
“We are getting more inquiries from customers for the second quarter as well as for the second half of 2026 related to Middle East supply uncertainty,” said Molly Beerman, chief financial officer for the Pittsburgh-based company. Beerman spoke at J.P. Morgan’s 2026 Industrials Conference last week.
Smelters in the Gulf region produce about 9% of global supply. As the Strait of Hormuz remains effectively closed, materials cannot move in or out. Smelters such as Aluminum Bahrain (Alba) and Qatalum have curtailed production.
Alcoa ships about 4 million metric tons of alumina into the region. The company has long-term supply contracts with both Emirates Global Aluminium and Alba.
“That’s about a third of our all of our alumina shipments moving into the Gulf,” Beerman said. “We’re already in an oversupply situation and you see the price pressure on the Alumina Price Index now. All of that supply that would have normally moved into the Middle East is now finding a home elsewhere. And most of that probably will move into China, putting more cost pressure on the Chinese refineries.”
