Latest news with #EmiratesGlobalAluminum
Yahoo
21-05-2025
- Business
- Yahoo
Emirati company to build USA's largest aluminum smelter at Port of Inola
In a few years, Rogers County could be home to the United States' largest aluminum smelting operation. Gov. Kevin Stitt announced Friday he had inked a memorandum of understanding with Emirates Global Aluminum. The Emirati company has selected 350 acres at the Port of Inola as its preferred site to build a $4 billion aluminum plant by 2030. It would be the first industrial aluminum smelter built in the U.S. in the past 45 years, according to the Oklahoma Department of Commerce. Ron Burrows, District 3 commissioner, said he believes the announcement heralds a new era of manufacturing excellence in Rogers County and the United States. "I am proud to be a part of representing Rogers County in President Donald Trump's vision of revitalizing American manufacturing, bringing back an industry — primary aluminum manufacturing — that has not been built in the U.S. for decades," Burrows said. According to the memorandum, the company plans to create 900 to 1,000 manufacturing jobs in Inola and produce 600,000 metric tons of aluminum yearly. In 2024, the entire U.S. smelted about 670,000 tons, according to the U.S. Geological Survey. The memorandum's terms call for preparatory site work to begin in 2026, with a goal to start the smelters firing by the final quarter of 2029 or first quarter of 2030. Stitt said the signing of the memorandum — the terms with which the Oklahoma Legislature must agree — marks a monumental day for Oklahoma. "We are proud to welcome Emirates Global Aluminum to our state and excited for the generational impact this investment will have on our future," Stitt said. "As President Donald Trump looks to onshore our nation's supply chain for critical minerals, Oklahoma is leading the way in this sector." Stitt said Oklahoma's pro-business environment is making the state the country's critical minerals headquarters. According to the release, the aluminum the company smelts will particularly benefit the aerospace, automotive, defense and food sectors. Inola seeks to create three overlapping tax increment financing districts at the Port of Inola to siphon extra revenue from the smelter project. The three TIF districts would capture ad valorem tax, sales tax and franchise fee revenue. The Inola Board of Trustees will meet May 27 at 6 p.m. for a public hearing where residents can give feedback on the town's TIF district initiative. The hearing will take place at Inola Town Hall, 900 James Court. EGA would retain roughly half this revenue for project development, per the memorandum. It would divvy up the rest among the city, county, Inola schools, community improvements and the Tulsa ports. Jeff Unrau, superintendent of Inola Public Schools, said the prospect is exciting and will help the district invest in new facilities. Deanne Hughes, chair of the Tulsa Ports board of directors, said EGA's decision to manufacture aluminum in Oklahoma reflects Tulsa Ports' commitment to growth in northeast Oklahoma. "EGA's presence will spur new permanent job creation, substantially increase waterway shipping on the McClellan-Kerr Arkansas River Navigation System and open the door to new opportunities for Oklahoma," Hughes said.
Yahoo
16-05-2025
- Business
- Yahoo
Basic Materials Roundup: Market Talk
Find insight on gold prices, Emirates Global Aluminum, Fresnillo and more in the latest Market Talks covering Basic Materials.
Yahoo
16-05-2025
- Business
- Yahoo
Trump Announces Trillion-Dollar Tech Investment From UAE
After several massive announcements and deals to come out of Trump's visit to Saudi Arabia and Qatar, developments during the last leg of the US President's Gulf tour in United Arab Emirates actually seem a bit humdrum by comparison. Among the more notable statements has been Trump's touting a 1.4 trillion... yes that's trillion... investment in AI and other tech sectors from the Emirates. The White House had previewed this longtime in the works deal as related to artificial intelligence infrastructure, semiconductors, energy and manufacturing. Further, Emirates Global Aluminum will "invest in the first new aluminium smelter in the United States in 35 years, which would nearly double US domestic aluminium production." According to more developments out of the UAE: The White House said that Trump and Qatar's Emir Sheikh Tamim bin Hamad Al Thani signed agreements that would 'generate an economic exchange worth at least $1.2 trillion'. The agreements are said to include a $96bn deal with Qatar Airways to buy up to 210 Boeing 787 Dreamliner and 777X aeroplanes, and a statement of intent for $38bn in investments at Qatar's Al Udeid Airbase and other air defence capabilities. A meeting is scheduled for later today of US, Turkish and Syrian officials to discuss details of Trump's announced dropping of sanctions against Syria. Trump's three-country tour of the Gulf state region will conclude in the United Arab Emirates on Thursday. Amid lots of awards ceremonies, accolades, and a state dinner... Trump has also been filling in more details of fresh arms deals inked with Qatar. "Yesterday we signed an agreement for Qatar to purchase $42bn-worth of the finest American military hardware including THAAD missile batteries," he said Thursday while speaking to US troops at Al Udeid airbase. The commander-in-chief further detailed that the deal includes "Pegasus refueling aircraft, Desert Vipers, light armored vehicles, amphibious combat vehicles, the MQ-9B and the Sky Guardian drones." As for Qatar, the president says he's still ready to accept a donated jet from the tiny oil and gas rich country, a flying palace of a future Air Force One, which Dems have been warning would be a violation of the US Constitution's prohibition on foreign gifts. Certainly he'll come back to Washington awaiting immense controversy and backlash from the corporate media and his political enemies. By More Top Reads From this article on
Washington Post
16-05-2025
- Business
- Washington Post
Oklahoma inks deal with UAE company to build $4B aluminum smelting facility
OKLAHOMA CITY — Oklahoma state officials announced a deal Friday with a private company in the United Arab Emirates for the construction of a $4 billion aluminum manufacturing facility in northeast Oklahoma. Gov. Kevin Stitt and Oklahoma Department of Commerce officials say the deal with Emirates Global Aluminum would result in the first new aluminum smelting facility to be built in the U.S. in 45 years.
Associated Press
16-05-2025
- Business
- Associated Press
Oklahoma inks deal with UAE company to build $4B aluminum smelting facility
OKLAHOMA CITY (AP) — Oklahoma state officials announced a deal Friday with a private company in the United Arab Emirates for the construction of a $4 billion aluminum manufacturing facility in northeast Oklahoma. Gov. Kevin Stitt and Oklahoma Department of Commerce officials say the deal with Emirates Global Aluminum would result in the first new aluminum smelting facility to be built in the U.S. in 45 years. The annual capacity of the smelter would be about 600,000 tons (544,000 metric tons) of primary aluminum, according to a memorandum of understanding signed by Stitt and the company's CEO. The project is expected to create about 1,000 direct jobs and 1,800 indirect jobs, commerce officials said. The facility would be constructed on more than 350 acres (140 hectares) at the Port of Inola, east of Tulsa. The agreement is contingent upon the Oklahoma Legislature approving a package of financial incentives that includes $275 million from the state, as well as state property, sales and inventory tax exemptions.
