Latest news with #AluminerieAlouette
Global News
2 days ago
- Business
- Global News
Major Quebec aluminum smelter announces $1.5B investment with new electricity deal
The company operating a major Quebec aluminum smelter says it will invest at least $1.5 billion in its North Shore facilities over the next 20 years. Representatives of Aluminerie Alouette say the announcement is tied to an agreement in principle with the province's hydro utility on electricity rates until Dec. 31, 2045. At a news conference in Sept-Îles, Que., the company said it has committed to investing $750 million by 2030, for a total of at least $1.5 billion by 2045. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Quebec Premier François Legault told the news conference the electricity deal is a positive sign for an industry that has been hit by 50 per cent tariffs on imports to the U.S. The government says the agreement allows Hydro-Québec to share in the profits when aluminum prices are high, and permits the company to stay competitive when market prices for the metal drop. Story continues below advertisement The smelter employs approximately 950 people and has an annual production capacity of 630,000 tons of aluminum, representing 20 per cent of the aluminum produced in the province. Multinational Rio Tinto is the main shareholder with a 40 per cent stake in the company.
Yahoo
2 days ago
- Business
- Yahoo
Rio Tinto-backed Aluminerie Alouette to invest $1.1 billion in Quebec
-- Aluminerie Alouette, an aluminum producer partially owned by Rio Tinto (NYSE:RIO), plans to invest up to C$1.5 billion ($1.1 billion) to modernize its facilities in northern Quebec, Bloomberg reported Wednesday. The company has reached a new electricity supply agreement with Hydro-Quebec, the Quebec government-owned power utility, according to Bloomberg, citing sources familiar with the matter who requested anonymity. This investment comes at a time when the aluminum industry faces challenges from the White House's implementation of 50% tariffs on foreign aluminum imports. These tariffs are expected to negatively impact both Canadian and American businesses that use aluminum as a raw material. The modernization project represents a significant capital commitment to the Canadian aluminum sector, which has been navigating trade tensions in the North American market. Related articles Rio Tinto-backed Aluminerie Alouette to invest $1.1 billion in Quebec - Bloomberg IMF urges ECB to keep rates at 2% barring inflation shocks Trump's policy megabill heads to the U.S. House after narrow Senate passage
CTV News
2 days ago
- Business
- CTV News
Major Quebec aluminum smelter announces $1.5B investment with new electricity deal
Aluminerie Alouette will invest at least $1.5 billion in its facilities in Sept-Îles over the next 20 years. An archive photo of the Aluminerie Alouette plant on Tuesday, May 21, 2019, in Sept-Îles. THE CANADIAN PRESS/Jacques Boissinot SEPT-ÎLES — The company operating a major Quebec aluminum smelter says it will invest at least $1.5 billion in its North Shore facilities over the next 20 years. Representatives of Aluminerie Alouette say the announcement is tied to an agreement in principle with the province's hydro utility on electricity rates until Dec. 31, 2045. At a news conference in Sept-Îles, Que., the company said it has committed to investing $750 million by 2030, for a total of at least $1.5 billion by 2045. Quebec Premier François Legault told the news conference the electricity deal is a positive sign for an industry that has been hit by 50 per cent tariffs on imports to the U.S. The government says the agreement allows Hydro-Québec to share in the profits when aluminum prices are high, and permits the company to stay competitive when market prices for the metal drop. The smelter employs approximately 950 people and has an annual production capacity of 630,000 tons of aluminum, representing 20 per cent of the aluminum produced in the province. Multinational Rio Tinto is the main shareholder with a 40 per cent stake in the company. --- This report by The Canadian Press was first published July 4, 2025.
Yahoo
2 days ago
- Business
- Yahoo
Major Quebec aluminum smelter announces $1.5B investment with new electricity deal
SEPT-ÎLES — The company operating a major Quebec aluminum smelter says it will invest at least $1.5 billion in its North Shore facilities over the next 20 years. Representatives of Aluminerie Alouette say the announcement is tied to an agreement in principle with the province's hydro utility on electricity rates until Dec. 31, 2045. At a news conference in Sept-Îles, Que., the company said it has committed to investing $750 million by 2030, for a total of at least $1.5 billion by 2045. Quebec Premier François Legault told the news conference the electricity deal is a positive sign for an industry that has been hit by 50 per cent tariffs on imports to the U.S. The government says the agreement allows Hydro-Québec to share in the profits when aluminum prices are high, and permits the company to stay competitive when market prices for the metal drop. The smelter employs approximately 950 people and has an annual production capacity of 630,000 tons of aluminum, representing 20 per cent of the aluminum produced in the province. Multinational Rio Tinto is the main shareholder with a 40 per cent stake in the company. This report by The Canadian Press was first published July 4, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
2 days ago
- Business
- Cision Canada
Renewal of Aluminerie Alouette's power contract
Securing the future of low-carbon Quebec aluminum for America and Europe. MONTREAL, July 4, 2025 /CNW/ - The announcement of the agreement in principle on the renewal of the power supply contract between Aluminerie Alouette, the Quebec government and Hydro-Québec confirms the key role played by the largest aluminum smelter in the Americas in the Quebec economy and in aluminum markets here in North America and Europe. According to Jean Simard, President of the Aluminum Association of Canada, "Aluminerie Alouette, thanks to its proximity to the port facilities of Sept-Iles, has the option of North American and European markets, a considerable logistical advantage in a commodity market subject to the vagaries of global geopolitics." At a time when Canada is committed to market diversification, in order to solidify its position on the international economic stage," adds Mr. Simard, "this agreement between Aluminerie Alouette and its partners, the Quebec government and Hydro-Québec, sends a powerful signal to North American and European markets about the place that Quebec's low-carbon aluminum will continue to occupy in the future." The investments planned for the next 20 years will enable the company to modernize its Sept-Iles plant, one of the most efficient in the world, while continuing its efforts to reduce its carbon footprint. About the Aluminium Association of Canada Founded in 1990, the Aluminium Association of Canada (AAC) represents the three Canadian world-class aluminium producers: Alcoa, Alouette, and Rio Tinto. Operating nine smelters in Canada, eight of which in Quebec, employing over 9,500 workers. The AAC and its members are active in the development of best practices in health and safety and responsible low CO 2 production. For more information, visit or X @AAC_aluminium.
