According to the statement, it has taken over Emirates Aluminium An 80 percent stake in Spectro Alloys, with the company’s owners retaining a 20 percent stake, as the deal was fully financed through the company’s green financing framework that was announced this year.
It is considered a company Spectro Always It is one of the leading companies in secondary aluminum production in the United States, producing about 110 thousand tons of aluminum alloys annually.
At the beginning of this year, Spectro Alloys announced an ambitious plan to expand in the city of Rosemount, which will contribute to increasing its production by 55 thousand tons annually of secondary aluminum cylinders in the first phase, which is expected to be completed during the year 2025.
Emirates Aluminum has production operations on four continents thanks to the acquisition, starting from bauxite mining to aluminum recycling. This acquisition will enhance the company’s business in the United States by providing local production capacity, as in 2023 it supplied about 550 thousand tons of Primary aluminum of the United States as one of the largest global markets for Emirates Global Aluminum.
Demand for recycled aluminum in the United States is expected to reach 7.6 million tons annually by 2033, according to CRU, an independent organization specializing in corporate research and data, and the United States is the second largest market for recycled aluminum in the world.
Abdul Nasser bin Kalban, CEO of Emirates Global Aluminum, said that aluminum is an essential metal for building more sustainable societies, and the demand for primary, low-carbon and recycled aluminum is expected to increase significantly over the coming decades, indicating that the company is focusing the development of its business in the field of recycling. Recycling is at the top of its strategic priorities, and therefore it is taking rapid steps in light of the progress of its recycling operations in the United States, Europe, and in its new factory in the Emirates.
Luke Ballen, President of Spectro Alloys, confirmed that the company, by joining Emirates Global Aluminium, begins a new phase in its journey spanning five decades, noting that the global resources of Emirates Global Aluminum and its capabilities to market aluminum in the United States will contribute to enhancing the growth of Spectro Alloys, which enjoys the status of… Good for continuing to grow its business as a leading aluminum recycler in the United States, better serve customers, create more jobs in Minnesota, and provide products manufactured in the United States that meet environmental standards.
