EGA progresses plans to build first new primary aluminium production plant in the US since 1980, in Oklahoma
Abu Dhabi, United Arab Emirates: Emirates Global Aluminium, the largest 'premium aluminium' producer in the world, today announced the progression of plans to develop the first new primary aluminium production plant in the United States of America since 1980.
The plant is expected to have a production capacity of 600 thousand tonnes of primary aluminium per year, nearly doubling the United States' production of an essential material for modern life and for national security. Some 85 per cent of the aluminium needs of American industries, from automotive to aviation and construction, are currently met by imports.
Construction of EGA's American primary aluminium plant is expected to begin after a feasibility study and by the end of 2026, with first hot metal by the end of the decade. EGA is expecting to invest around $4 billion to develop the project.
The primary aluminium production plant will be located in Oklahoma, subject to the finalisation of a competitive long-term power supply for the plant and State and local investment incentives and tax credit arrangements. EGA is in advanced negotiations with Public Service Company of Oklahoma (PSO) and the Oklahoma government.
EGA has already signed an exclusive land option agreement for a site in the industrial park at Tulsa Port of Inola, located in Inola, Oklahoma. Near Tulsa, Oklahoma, the Tulsa Port of Inola is located on the McClellan-Kerr Arkansas River Navigation System (M-KARNS), which is connected to the Mississippi River system and provides for efficient bulk freight movement.
Kevin Stitt, Governor of the State of Oklahoma, said: 'We want more goods to be manufactured in Oklahoma and EGA is the perfect partner. My administration has worked closely with the company for over a year to clear the way for the first new primary aluminium production plant in the United States for more than four decades right here in our great state. EGA's new plant will be the heart of a broader hub for strategic industry in Oklahoma, creating jobs and opportunity for Oklahomans as well as enhancing economic resilience and national security for all Americans.'
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: 'The United States has been an important market for EGA for several decades, and we know there is strong demand for our high-quality metal 'made in America'. EGA has the skills, technology and capital to start rebuilding this great American industry, and in Oklahoma I am confident we will secure the right conditions to do so. This is an important moment for EGA, and for the economic relationship between the United States and the United Arab Emirates.'
The project is expected to create up to 4,000 local construction jobs at peak. In operation, the aluminium facility is expected to create up to 1,000 direct, permanent local jobs on site.
In addition, the new primary aluminium production plant is expected to spur the development of a new local aluminium-focused industrial hub, with significant further employment and economic opportunities in the upstream supply chain and in new downstream aluminium manufacturing.
EGA is a global leader in aluminium production technology, which the company has developed for more than 35 years. EGA technology will be used to build the new plant.
The United States is already one of EGA's largest single country markets in the world, with aluminium fabricators using EGA metal across the country. EGA America, the company's US distributor, is headquartered in St Louis, Missouri.
EGA already has US recycled aluminium production capacity through the company's 80 per cent shareholding in EGA Spectro Alloys in Rosemount, Minnesota, which was acquired in 2024. EGA is currently investing to expand the current 110 thousand tonnes per year of recycled foundry capacity with 55 thousand tonnes of recycled billet capacity. The expansion is expected to reach first hot metal early in the second half of 2025, with production ramp-up through the remainder of the year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
Investors keep close watch as bitcoin prices find support
As the crypto markets navigated a wave of cautious optimism on Monday after last week's selloff, investors are watching closely as the market shows signs of both resilience and short-term volatility. Bitcoin, the flagship cryptocurrency, is currently trading near $105,800, a sharp decline from its all-time high of $112,000. Despite the dip, the broader trend remains bullish. Bitcoin has broken out of a long-term descending wedge and is now moving within an upward channel, suggesting that the long-term momentum is still intact, analysts say. However, several bearish signals emerged last week. Bitcoin holders took over $23 billion in profits between Monday, June 2 and Thursday, June 5, according to Santiment data. The large positive spike in the network realized profit/loss metric corresponds to the dip in BTC price. Large volume profit-taking is typically associated with further correction in the token's price. Derivatives data from Coinglass shows over $305 million in long positions were liquidated in the last 24 hours, against $41 million in short positions. The long/short ratio, a metric that compares bullish bets against bearish ones, reads 0.91. A value less than one signals higher bearish bets, supporting a thesis of further price decline. 'If Bitcoin manages to hold above the $103K–$105K range, a retest of $112K seems likely, with a possible push toward $118K. On the flip side, a drop below $100K could shift sentiment more bearish, potentially dragging the price down to the $97K zone,' Ekta Mourya, crypto analysts at FXStreet, wrote. With a total market capitalisation hovering around $3.3 trillion, Ethereum and Solana are drawing increased institutional attention, particularly due to their roles in real-world asset tokenization and staking innovations. Technically, Bitcoin is in a consolidation phase. Indicators like the Relative Strength Index (RSI) have cooled off from overbought levels, and the Moving Average Convergence Divergence (MACD) is showing signs of weakening momentum on the daily chart. 'Key support levels lie at $103,000, $100,000, and $97,663, while resistance is expected around $112,000, with potential upside targets at $115,000 to $118,000 if bullish momentum resumes,' Mourya said. Bitcoin narrowly stayed above the $100,000 level as the online spat between Elon Musk and President Trump spilled over from traditional markets last week. In what had been a fairly muted week for cryptoasset price movements beforehand, as the 'feud' between Trump and Musk escalated on social media on Thursday, bitcoin then fell as much as 4% before finding some support at $100,400, said eToro crypto analyst Simon Peters. The BTC/USDT daily price chart shows the likelihood of a nearly four per cent correction and a retest of milestone $100,000, a key support level for the cryptocurrency, 'A nearly three per cent increase could see BTC test resistance at $106,794, the upper boundary of a Fair Value Gap (FVG) on the BTC/USDT daily price chart. In the event of further decline in Bitcoin price, $97,732 could act as support,' an analyst said. Looking forward to this week, inflation data in the form of CPI consumer price index and PPI producer price index could provide some volatility. Assets held in crypto funds hit a record high in May as easing trade tensions lifted risk appetite and some investors used the digital currencies to hedge against market volatility and diversify from their US holdings, Reuters reported. Morningstar data on 294 crypto funds shows they attracted $7.05 billion in net inflows last month, the highest since December, bringing total assets under management to a record $167 billion.
Zawya
4 hours ago
- Zawya
Oil prices steady ahead of US-China trade talks
Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures gained 11 cents, or 0.2%, to $66.58 a barrel by 1312 GMT while U.S. West Texas Intermediate crude rose by 6 cents, or 0.1%, to $64.64. Brent rose 4% last week and WTI 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors. U.S. President Trump and China's leader Xi Jinping spoke on the telephone on Thursday before U.S. and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations. A trade deal between the U.S. and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore. Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. "Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. (Reporting by Robert Harvey in London, Florence Tan in Singapore and Colleen Howe in Beijing. Additional reporting by Ahmad Ghaddar in London Editing by David Goodman and David Evans)
The National
5 hours ago
- The National
UAE's Al Habtoor Group explores investment opportunities in Syria
The billionaire Emirati entrepreneur Khalaf Al Habtoor is heading to Syria to explore new investment opportunities as the country opens up its economy following the lifting of US and EU sanctions. The founding chairman of the Dubai-based conglomerate Al Habtoor Group will lead a delegation of senior executives from the company to the war-ravaged Arab nation in the coming days, Al Habtoor Group said in a statement on Monday. 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' Mr Al Habtoor said. The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year. The estimated cost of reconstruction of the country, including critical road infrastructure, ports, aviation facilities and housing, will be somewhere between $250 billion and $500 billion, according to experts. In a recent interview with Wam, Mohammad Al Shaar, Syria's Minister of Economy and Industry, estimated the total cost of reconstruction at $1 trillion. 'As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,' Mr Al Habtoor said on Monday. The move come as Gulf countries as well as Turkey announce new investments in Syria after US President Donald Trump announced the removal of sanctions on the country last month during his Gulf visit. Dubai-based DP World is among the regional companies that have taken the lead in Syrian investments, with an $800 million deal to develop the port of Tartus. A consortium of companies from Turkey, Qatar and the US have also committed to invest $7 billion in Syria's energy sector to build new power plants to help the country overcome power shortage. Saudi Arabia and Qatar also paid $15.5 million to the World Bank to clear Syria's arrears and pave the way for Washington lender's support for Damascus. The UNDP is also planning to support Syria with $1.3 billion in funding over three years to rebuild its infrastructure and back digital start-ups. Set up by Mr Al Habtoor in 1970, Al Habtoor Group is active in multiple sectors, including hospitality, automotive, real estate, education, insurance and publishing, in the UAE and in international markets such as London, Vienna, Budapest, Beirut and the US. Earlier this year, Mr Al Habtoor said he would cancel all planned investments in Lebanon due to lack of security and stability in the country.
