UAE’s Emirates Global Aluminium Maintains Stable Production in First Half of 2024

Emirates Global Aluminium Maintains Stability While Expanding in 2024

Emirates Global Aluminium (EGA), the UAE-based aluminum giant, reported stable production and earnings for the first half of 2024. Despite the challenging market environment, the company demonstrated steady performance, with slight growth in hot metal output and a focus on value-added products.

Steady Growth and Focus on Sustainability

In the first half of 2024, EGA produced 1.34 million tons of hot metal, a modest increase from 1.32 million tons in the same period of 2023. Sales of cast metal slightly decreased to 1.30 million tons from 1.32 million tons last year, but the company increased its share of value-added products, reaching 82% of total sales compared to 77% last year. EGA’s adjusted EBITDA remained stable at 4.2 billion dirhams ($533 million), aligning closely with the 4.15 billion dirhams from 2023.

EGA's alumina refinery in Al Taweelah saw a rise in output, supplying 1.22 million tons to its smelters, up from 1.15 million tons last year. In Guinea, bauxite exports increased by 5% to 7.19 million tons, highlighting the company’s strong supply chain and continued growth in raw material supplies.

Looking ahead, EGA is making strides in its sustainability efforts by advancing the construction of a new aluminum recycling plant in Al Taweelah. This facility is projected to begin production in 2026 with a capacity of 170,000 tons of secondary aluminum billets per year.

In May 2024, EGA took significant steps toward global expansion with the acquisition of German specialty foundry Leichtmetall and a majority stake in U.S.-based secondary smelter Spectro Alloys. These acquisitions are part of EGA's long-term strategy to broaden its international footprint, with more expansion plans expected by the year’s end.