Aluminum Scrap Markets
April 30, 2026
Constellium Q1 shipments steady as automotive sheet tightness shifts mix
Written by Nicholas Bell
Constellium reported first-quarter shipments of 370,000 metric tons, down slightly from 372,000 metric tons a year earlier. The small change in total volume was underpinned by a shift in product mix tied to tight supply for automotive rolled products in North America.
Quarterly revenue increased to $2.46 billion from $1.98 billion, while net income rose to $196 million from $38 million. The increase in total sales came from higher revenue per metric ton, including higher metal prices.
At the same time, revenue growth outpaced changes in shipment volumes, reflecting both higher metal prices and a shift toward higher-value products that supported earnings.
Shipments by segment
Aerospace and Transportation
Aerospace and Transportation shipments rose to 60,000 metric tons from 51,000 metric tons year over year. Management attributed the increase to stronger aerospace demand and higher shipments in transportation, industry and defense markets. The company also moved some automotive coil into these channels, particularly out of Ravenswood, as North American automotive sheet supply remained tight.
This pattern in flat-rolled aerospace aluminum aligns with results reported by Kaiser Aluminum, the other major domestic producer, where year-over-year aerospace shipments rose alongside higher commercial aircraft deliveries from Boeing, which is maintaining a production rate of about 42 aircraft per month.
Further segmentation shows both product lines increased, with aerospace rolled products rising to 27,000 metric tons from 24,000 metric tons and transportation, industry, defense and other rolled product rose to 33,000 metric tons from 28,000 metric tons.
Packaging and Automotive Rolled Products
Packaging and Automotive Rolled Products shipments declined to 261,000 metric tons from 269,000 metric tons in the first quarter of 2025.
The decline came from lower packaging volumes, even as automotive rolled shipments increased. Management said packaging demand remained steady, but volumes fell as rolling capacity shifted toward automotive sheet, where supply constraints persisted and pricing remained higher.
More detailed rolled product data show how those shifts played out. Packaging rolled products shipments declined to 191,000 metric tons from 204,000 metric tons, while automotive rolled product shipments rose to 67,000 metric tons from 60,000 metric tons. Specialty and other thin-rolled product shipments were flat at 4,000 metric tons year over year.
Automotive Structures and Industry
Quarterly Automotive Structures and Industry shipments declined slightly to 51,000 metric tons from 52,000 metric tons in the prior year.
The company linked the decrease to lower automotive production on certain platforms. Limited availability of aluminum sheet reduced output for some programs, which in turn weighed on demand for structural components.
Automotive extruded product shipments declined to 30,000 metric tons from 31,000 metric tons, as did other extruded product shipments to 21,000 metric tons from 22,000 metric tons, again aligning with Kaiser Aluminum, where automotive extrusion deliveries decreased year over year.
Scrap spreads
Constellium pointed to scrap and metal dynamics as a key factor in the quarter.
The company reported wide scrap spreads, particularly for used beverage cans, and higher throughput in recycling and casting operations.
These conditions supported earnings in Packaging and Automotive Rolled Products. Segment performance increased even though shipments declined. The increase came from price and mix as well as metal cost effects.
At the same time, management said direct exposure to Middle Eastern metal supply remains limited with slab and billet from the region accounting for a small share of total inputs. The company said it can source material through a mix of internal and external flows if needed.
The company said it secured most of its scrap needs for the second quarter at current levels. It is working to secure additional supply for the second half of the year.
2026 outlook
The company expects the second quarter to show stronger performance, consistent with seasonal demand in packaging. It also expects higher costs in the second half of the year tied to planned maintenance outages in the summer and at towards the end of the year.
Constellium raised its full-year outlook and now expects adjusted EBIDA in a range of $900 million to $940 million, excluding metal price lag, up from $780 million to $820 million EBITDA guidance issued in its fourth-quarter earnings presentation.
Management reiterated that its Direct Chill casting expansion at Muscle Shoals is expected to ramp up in 2027, increasing its ability to convert scrap into rolling ingot and support domestic flat-rolled supply.
