(Bloomberg) —
Emirates Global Aluminum is partnering with Century Aluminum Co. to build the first new US plant to produce the lightweight metal since 1980.
The plant will be in Oklahoma and is expected to produce 750,000 metric tons of aluminum per year, the companies said Monday in a statement. EGA, one of the world’s largest producers of the lightweight metal, will own 60% of the joint venture while Century Aluminum will own the rest.
Construction is expected to start by the end of this year, with production expected to begin by the end of the decade. Bloomberg News reported last month that EGA was seeking equity partners for its US plant.
The plant would help the US reduce its reliance on imported aluminum — foreign supplies accounted for about half of American consumption in 2024, according to the US Geological Survey. EGA’s collaboration comes as US aluminum prices have surged following US President Donald Trump’s tariffs on foreign imports of the metal, throwing the market into disarray and driving up costs for domestic consumers.
The plant is expected to cost more than $5 billion, according to Bank of Montreal analyst Katja Jancic.
“We believe this spending is doable in the current pricing environment,” Jancic wrote in a note. “However, given the cyclicity of the aluminum business and the ongoing tariff uncertainty, we would not be surprised if other financing options (including equity) would be contemplated.”
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