Aluminum Scrap Markets
February 26, 2024
Written by Stephanie Ritenbaugh
Pittsburgh-based aluminum company Alcoa wants to acquire its Australian partner, Alumina Limited, in an all-stock deal valued at $2.2 billion.
The proposal is at a 13.1% premium to the share price of Alumina on Feb. 23 and implies a 19.5% premium based on the average exchange ratio over the last 12 months, according to Alumina.
At ADI’s facility in Mississippi, all three cold mills are now operational, which will allow ADI to access the full 650,000-metric-ton annual capability, the company said.
Recycler forward views shifted toward undersupply in October even as Midwest Premium and UBC expectations moved lower.
Rio Tinto maintained third quarter aluminum production as its Arvida smelter transition continued, while the company delayed two capacity projects at the Quebec complex.
US aluminum scrap imports increased faster than exports through August, while similar tonnage gains kept net exports near year earlier levels.
The National Association of Wholesaler-Distributors (NAW) has filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit, challenging the district court’s decision to uphold Oregon’s version of the Extended Producer Responsibility (EPR) laws that are popping up across the country.
