EGA to buy 80% of US aluminium recycler

EGA

Emirates Global Aluminium, the UAE’s biggest non-oil industrial company and one of the world’s largest aluminium producers, plans to acquire an 80 percent stake in US-based Spectro Alloys Corporation.

The transaction will accelerate EGA’s global expansion into aluminium recycling and help grow its business in the United States.

The acquisition, subject to regulatory approvals, is expected to close during the third quarter of 2024.

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The current owners of the US aluminium recycling company, founded in 1973, will retain a 20 percent stake in Spectro Alloys.

Financial details of the transaction were not disclosed.

“Our goal is to grow further in both primary and recycled aluminium to meet the growing global demand for a metal which is essential for our world’s sustainable future,” said EGA chief executive Abdulnasser Bin Kalban.

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Spectro Alloys is expanding its Rosemount site, adding another 55,000 tonnes per year of secondary billet production capacity. The facility is expected to be completed in 2025.

The producer’s existing capacity is 110,000 tonnes per year of aluminium ingots.

EGA sold 550,000 tonnes of primary aluminium in the US last year, its largest global market.

In May, the Abu Dhabi-based company acquired the European specialty foundry Leichtmetall. It started constructing the 170,000 tonnes-per-year facility – the UAE’s largest aluminium recycling plant – next to its existing smelter in Al Taweelah last year.