Aluminum Scrap Markets
February 24, 2026
Constellium's shipments gain for quarter, year
Written by Stephanie Ritenbaugh
Constellium reported rising shipments for the fourth quarter and full year.
The Paris-based aluminum company said Q4 2025 shipments gained 11%, rising to 365,000 tons due to increases in each of its operating segments.
Net income for the quarter was $113 million, compared with a net loss of $47 million in the year-ago period.
For the full year, shipments were 1.5 million tons, up 4% compared to 2024.
Net income for 2025 was $275 million, up from $60 million in 2024.
“Constellium achieved strong results in 2025 that were ahead of our own expectations coming into the year, despite the uncertain macroeconomic and end-market environment,” CEO Ingrid Joerg said.
Metal costs
Executives said the company was not materially exposed to changes in primary aluminum prices because it operates a pass-through business model. However, other metal costs have come into play.
“Following the US tariff announcements in 2025, market aluminum prices in the US, which include the LME aluminum price plus the Midwest premium, have risen sharply to historical levels,” Joerg said. “Spot scrap spreads for aluminum, mainly used beverage cans or UBCs, have also improved from historically tight levels experienced in the second half of 2024 and into 2025.”
With a portion of scrap previously negotiated, Constellium said it did not benefit from widening scrap spreads until the fourth quarter, and “the favorable impact was augmented through strong performance at Muscle Shoals in the quarter.”
“As we look at 2026, we expect to benefit from these trends, especially in the first half,” Joerg said.
Regarding tariffs, “We have made some progress on pass-throughs and other actions to mitigate a portion of our gross tariff exposure,” Joerg said. “We believe, at this stage, our direct tariff exposure remains manageable, and the current tariff and trade policies are net positive for us.”
Outlook
In 2026, Constellium is targeting adjusted EBITDA in the range of $780 million to $820 million and is launching a corporate program to emphasize operational efficiencies and cost reductions as it looks ahead to 2028.
Executives said they expect demand trends in end markets to continue into at least early 2026, with the macroeconomic environment remaining relatively stable. The company is also banking on continued benefits from supply shortages for automotive rolled products, which have bolstered demand for its products, as well as improved scrap spreads in North America.
