EGA’s Al Taweelah sustained significant damage on 28 March when an Iranian attack on Khalifa Economic Zone Abu Dhabi led to an emergency shutdown of all EGA’s facilities on the site.

To restore hot metal production, EGA must progressively repair and restart each reduction cell. Some 315 out of the 1,262 reduction cells have now been restarted.

EGA is working on all three potlines at Al Taweelah in parallel to accelerate the rate of reduction cell start-ups. Potline 1 was energised on 26 May, potline 3 on 13 July and potline 2 on 3 August.

After restart, a reduction cell typically takes a week to stabilise and reach full production. Some hot metal is used to restart subsequent reduction cells, with the balance delivered to EGA’s Al Taweelah Casthouse to be cast into finished ‘premium aluminium’ products.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The restoration of production at Al Taweelah is the biggest challenge we have ever faced at EGA. This work is led by a dedicated team of experts, and we are applying decades of experience as well as innovative new methods to make safe progress as fast as possible. Our continued strong progress gives us confidence that we will reach full production in Q1 2027.”

Around 1,000 people are currently working on the restoration of hot metal production at Al Taweelah smelter.

Al Taweelah alumina refinery continues to produce at around 50 per cent capacity. The pace of further ramp-up of alumina production will be determined by supply chain considerations and the optimisation of EGA's alumina sourcing strategy. The continued recovery of aluminium production at Al Taweelah smelter is not dependent on the refinery returning to full capacity.

Production ramp-up at EGA’s new Al Taweelah recycling plant continues on track, with full production expected by late Q4 2026.

_{*Financial and operating data presented in this table relate to Emirates Global Aluminium’s integrated aluminium business, including alumina refining, primary aluminium smelting and recycling operations, across the UAE and international locations.
**Adjusted EBITDA and Adjusted Net Profit exclude the impact related to the Iranian attack on KEZAD which led to an emergency shutdown
***Cast metal production is all finished products from EGA’s primary and recycling plants worldwide.
****Low carbon primary is metal sold under the product brands CelestiAL solar aluminium, CelestiAL-R solar aluminium sweetened with secondary content, MinimAL aluminium made with nuclear power, and MinimAL-R aluminium made with nuclear power sweetened with secondary content.
*****Recycling is aluminium sold under the RevivAL product brand, and is remelted post-consumer and pre-consumer aluminium scrap usually blended with a proportion of primary aluminium to achieve the metallurgical properties required by customers.}

United Arab Emirates, 12 August 2026: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer, today announced resilient financial performance in the first half of 2026, despite logistical and geopolitical disruptions arising from the regional conflict in the Gulf since March.

EGA delivered Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of AED 4,506 million ($1,227 million), up 11 per cent compared with AED 4,065 million ($1,107 million) in H1 2025 driven by higher realised aluminium prices, stronger regional premiums, lower alumina prices and disciplined cost management.

Adjusted EBITDA margin was 33 per cent in H1 2026, compared with 27 per cent in H1 2025.  

After recognising an AED 84 million ($23 million) impact related to an Iranian attack on KEZAD which led to an emergency shutdown, reported EBITDA was AED 4,422 million ($1,204 million).

Adjusted net profit increased by 34 per cent to AED 2,462 million ($670 million), compared with AED 1,836 million ($500 million) in H1 2025, reflecting strong EBITDA generation, coupled with lower net financial charges and lower taxes.

Reported net income was AED 1,737 million ($473 million) in H1 2026, after recognising a net impact of AED 725 million ($197 million) related to the incident.

EGA continues to demonstrate its commitment to shareholder returns, with the Board approving an H1 2026 interim dividend of AED 1,726 million ($470 million), representing a 70 per cent payout ratio to adjusted net income.

Revenue decreased to AED 13,544 million ($3,688 million) in H1 2026 from AED 15,079 million ($4,106 million) in H1 2025, due to lower sales volumes following the incident at Al Taweelah, partially offset by higher realised aluminium prices.

Cast metal production decreased to 1,006 thousand tonnes in H1 2026 from 1,420 thousand tonnes in H1 2025, primarily due to reduced production at Al Taweelah. Jebel Ali maintained uninterrupted production throughout the period.

Total aluminium sales were down 32 per cent to 939 thousand tonnes in H1 2026, compared with 1,373 thousand tonnes in H1 2025. Logistics constraints arising from the regional conflict led to the temporary suspension of new outbound shipments from the UAE in March and an increase in domestic metal inventories. EGA has since established alternative export routes through ports outside the Strait of Hormuz. This has enabled a gradual increase in shipment capacity and a reduction in UAE stockpiles.

Recovery to pre-incident shipment levels is currently expected to be contingent on the reopening of the Strait of Hormuz, although the ongoing development of alternative corridors is expected to reduce reliance on the strait over the longer term.

EGA secured its inbound logistics, ensuring raw material deliveries exceed the requirements of Jebel Ali and the restart at Al Taweelah. This enabled the rebuilding of strategic inventories and reinforced operational continuity.

EGA continues to execute a comprehensive and disciplined restoration programme at Al Taweelah, which was significantly damaged on 28 March when Iranian attacks on Khalifa Economic Zone Abu Dhabi led to an emergency shutdown of all facilities.

Basic utilities have been restored across the site, with natural gas and electricity availability projected to ramp up in line with the needs of the restart programme.

To resume hot metal production at Al Taweelah smelter, EGA must progressively restore each of the 1,262 reduction cells. The first restored reduction cell was restarted on 26 May at Potline 1. EGA has energised all three potlines now, marking an important milestone in the restoration effort and ramp-up of operations at Al Taweelah. As of Monday, 227 reduction cells, 18 per cent of the total, had been successfully restarted.

Hot metal production is expected to gradually ramp up as reduction cells are progressively restored and is expected to reach pre-incident levels in Q1 2027. EGA is working to accelerate this timeline.

Ramp-up of production at the new Al Taweelah recycling plant initially began in February. After the incident, ramp-up resumed in May. The recycling plant is currently running at approximately 10 per cent capacity. Ramp-up to full production is expected by late Q4 2026.

Al Taweelah alumina refinery produced 602 thousand tonnes of alumina in H1 2026, compared with 1,142 thousand tonnes in H1 2025, due to the shutdown of production on 28 March. Production restarted in early July and reached 50 per cent of pre-incident production levels within days. The pace of further ramp-up will be determined by supply chain considerations and the optimisation of EGA's alumina sourcing strategy. The continued recovery of aluminium production at Al Taweelah smelter is not dependent on the refinery returning to full capacity.

The capital expenditure required to restore production at Al Taweelah is expected to be approximately AED 1.5 billion ($400 million), with most of the expenditure expected during 2026 and some during 2027.

From 2026, EGA embarked on the second phase of its improvement programme, Najah 2.0. As part of the programme, EGA delivered AED 353 million ($96 million) in improvements in H1 2026 compared with the 2024 baseline, driven by alumina refinery improvements, efficiency gains and procurement savings. EGA is targeting AED 1.6 billion ($440 million) in annual improvements by 2030.

In response to regional uncertainty, EGA has implemented additional cash preservation measures to reduce discretionary costs and support cash‑flow generation in 2026.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The first half of 2026 was the most challenging period in the long history of EGA. The safety and wellbeing of our people was our first priority throughout, and I thank our teams for their dedication in the most difficult of circumstances. Our financial and operational results demonstrate the resilience of EGA and our people. Despite significant logistics challenges, our supply chain is robust, and we continue to make deliveries to customers. We are making strong progress in the restoration of production at Al Taweelah. We are also advancing our global growth strategy. EGA will come back stronger than ever before.”

EGA sustained its focus on workforce safety, recording a Total Recordable Injury Frequency Rate of 1.26 per million hours worked in H1 2026. EGA also continued to advance its environmental agenda, growing its low-carbon CelestiAL and MinimAL product lines and progressing its long-term decarbonisation strategy, while maintaining Aluminium Stewardship Initiative certification across its UAE operations.

EGA continued to progress primary aluminium growth through the Oklahoma Primary Aluminum project. In Q1 2026, Century Aluminum signed a joint development agreement with EGA to join the project as a minority partner, with EGA owning 60 per cent of the joint venture and Century owning the remaining 40 per cent.

During the period, the project advanced key commercial, permitting and technical workstreams towards the start of construction and first aluminium production is expected by the end of the decade. The 750 thousand tonnes per year plant is expected to be the first new smelter built in the United States since 1980, doubling American primary aluminium production. The plant will use EGA’s latest EX technology, the most advanced ever installed in the United States.

The United States’ Section 232 aluminium tariffs remained a key feature of the global aluminium market. In July 2026, the US Government announced additional measures under the Section 232 framework aimed at encouraging domestic primary aluminium production, while maintaining the broader tariff regime. The programme will request onshoring plans from companies that, if approved, will be eligible to import primary aluminium at half the prevailing Section 232 duties of a quantity that corresponds to the American production facility’s anticipated annual output.  

On recycling growth, EGA is advancing its planned acquisition of an 80 per cent stake in Italian aluminium recycling company Eco Green, as part of the company's strategy to expand its global aluminium recycling footprint and accelerate growth in Europe. The transaction has received regulatory approvals and is expected to close later this quarter.

Upon completion, the transaction increases EGA’s recycling capacity to more than 400 thousand tonnes per year in the UAE, Europe and the United States, with an additional 200 thousand tonnes of capacity under development in Europe and the US. EGA markets its recycled aluminium globally under the brand RevivAL. In H1 2026, EGA sold 47 thousand tonnes of RevivAL recycled aluminium compared with 46 thousand tonnes in H1 2025.

EGA sold 44 thousand tonnes of CelestiAL solar aluminium and nine thousand tonnes of MinimAL produced with nuclear power in H1 2026, in line with 53 thousand tonnes of low carbon primary aluminium sales in H1 2025.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: “EGA’s financial strength and disciplined Najah improvement and cash preservation programme position us well to complete the restoration of Al Taweelah while continuing to advance our strategic growth priorities, which include a good mix of organic and inorganic opportunities. Our financial position is also supported by underlying aluminium market fundamentals, which have entered a period of deficit supporting our margins.” 

In Q1 2026, EGA completed multi-tranche debt financing of AED 18.4 billion ($5 billion). The financing combined conventional and Shariah-compliant facilities arranged with a group of 21 leading regional and international banks, including term loans and revolving credit facilities with tenors of up to five years. The transaction strengthens EGA’s balance sheet and debt maturity profile, enhancing liquidity and providing additional financial flexibility for strategic growth. The company has undrawn available revolving credit facility of AED 3.67 billion ($1 billion) and cash and term deposits of AED 6.07 billion ($1.65 billion) as of 30 June 2026.

EGA continues to make progress towards closing the sale of its Al Taweelah power assets, a strategic transaction designed to unlock value, strengthen the company's capital position and support its long-term decarbonisation strategy. Financing commitments remain in place, and discussions are ongoing to address the remaining closing requirements ahead of financial close. EGA expects to receive $1.7 billion of proceeds post-closing of this transaction.

EGA also continued to strengthen the long-term resilience of its supply chain through further localisation.

In May, EGA signed a long-term agreement with TA'ZIZ for the domestic supply of approximately 200,000 dry metric tonnes per year from Q4 2028 of caustic soda, a critical raw material for alumina refining. TA'ZIZ is the first major domestic supplier of this input to EGA's Al Taweelah alumina refinery.

In June, EGA and AD Ports Group signed an agreement to jointly invest AED 84 million in a multi-phase upgrade of EGA's dedicated berth at Khalifa Port, expected by August 2028. EGA also signed an agreement with ADNOC Distribution for the supply of locally blended industrial lubricants, reinforcing EGA's commitment to in-country value.

The average London Metal Exchange aluminium price was $3,382 per tonne in H1 2026, up from $2,538 per tonne in H1 2025.

Regional premiums were highly volatile in H1 2026.

In Japan, the MJP index averaged around $282 per tonne in H1 2026 compared with around $169 per tonne in H1 2025.

In Europe, the MB premium averaged around $413 per tonne in H1 2026 compared with around $214 per tonne in H1 2025.  

In the United States, the MW premium averaged around $2,405 per tonne in H1 2026 compared with around $857 per tonne in H1 2025.

Cash flow from operations was AED 1,484 million ($404 million), compared with AED 3,441 million ($937 million) in H1 2025. Operating cash flow was impacted by a strategic build-up of inventory to support continued operations at both the Al Taweelah and Jebel Ali plants during the restoration and ramp-up period.

Total debt was AED 18.1 billion ($4.9 billion) in H1 2026 compared with AED 16.9 billion ($4.6 billion) in H1 2025.

EGA and ADNOC L&S aim to strengthen and expand their commercial relationship on logistics, including transportation, fleet management and infrastructure. The agreement envisages the potential formation of a joint venture focused on logistics assets, transportation services and integrated supply chain solutions.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “With the scale of our worldwide shipping, EGA is not just a metal producer but also a global logistics company. Supply chain resilience is essential for our growth as a UAE industrial champion. We look forward to deepening our collaboration with ADNOC L&S to further strengthen our inbound and outbound logistics, and UAE industry.”

Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC Logistics & Services, said: “At ADNOC Logistics & Services, we are proud to support Emirates Global Aluminium with our world class maritime logistics. This contributes to supply chain resilience and supports the UAE’s industrial development, while creating growth opportunities for ADNOC L&S beyond energy logistics.

EGA ships around 14 million tonnes of raw materials and finished metal products around the world every year. EGA supplies aluminium to customers in more than 50 countries.

ADNOC L&S is a global maritime logistics leader with a total fleet of more than 340 owned vessels and more than 600 additional vessels chartered every year.

The agreement envisages that ADNOC Distribution will supply high-performance, locally blended lubricants to EGA’s operations, reinforcing the role of UAE-made solutions in enabling reliable and efficient industrial performance.

Emirates Global Aluminium (EGA)’s collaboration with ADNOC Distribution’s collaboration will support the UAE’s industrial development under Operation 300bn, enabling the supply of high-performance lubricants for efficient, large-scale industrial operations.

EGA already spends around AED 8 billion annually on goods and services from UAE suppliers, with more than 40 percent of its total procurement directed locally, reflecting its strong commitment to in-country value. Through this partnership, EGA will benefit from ADNOC Distribution supplying locally blended lubricants tailored to its large-scale operations, supporting greater efficiency, reliability, and long-term performance.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “With the UAE’s industrial development through Operation 300bn and Make it in the Emirates, even more of EGA’s advanced industrial supply requirements can be met locally, in a virtuous circle of industrial growth. This agreement with ADNOC Distribution strengthens EGA’s supply chain resilience, while further increasing our economic impact in the UAE.”

Eng. Bader Saeed Al Lamki, Chief Executive Officer of ADNOC Distribution, said: “This agreement reflects our commitment to championing local manufacturing by delivering high-performance, UAE-made solutions to national industries. By working with leading UAE industrial champions such as EGA, we are creating strategic demand for locally produced products, strengthening supply chain resilience, and advancing in-country value, supporting the UAE’s long-term vision for a diversified and globally competitive industrial economy.”

EGA operates advanced industrial facilities that require reliable, high-performance lubrication solutions. Through this agreement, ADNOC Distribution will supply locally blended lubricants tailored to the requirements of EGA’s large-scale operations, supporting efficiency, reliability and long-term asset performance.

ADNOC Distribution will leverage its advanced blending capabilities and local research and development expertise to deliver lubrication solutions designed for demanding industrial environments. The agreement also reinforces the role of the Company’s lubricants business in supporting UAE industry, with high-performance, UAE-manufactured lubricants exported to more than 50 markets worldwide, reflecting global confidence in ADNOC’s quality, innovation, and technical expertise.

The collaboration also supports the UAE’s broader economic diversification agenda by enabling local production, reducing reliance on imports, and strengthening industrial supply chains through partnerships that prioritize long-term value creation.

United Arab Emirates, 6 May, 2026: TA’ZIZ and Emirates Global Aluminium (EGA) today announced a strategic agreement for the long-term supply of about 200,000 dry metric tons per year of caustic soda, a critical raw material used in alumina refining.

Signed during the Make it in the Emirates Forum, the agreement positions TA’ZIZ as the first major supplier of domestically produced caustic soda to EGA’s Al Taweelah alumina refinery in the Khalifa Economic Zone Abu Dhabi (KEZAD). The deal will come into effect in Q4 2028, with an option to expand supply if EGA’s requirement increases.

The deal reinforces the resilience of the UAE’s industrial sector by reducing import dependency, strengthening supply chain security and business continuity, boosting local industrial self-sufficiency, and accelerating the United Arab Emirates’ economic diversification.

Mashal Al Kindi, CEO of TA’ZIZ, said: “The agreement to supply locally produced caustic soda to the world’s largest premium aluminum producer underpins the role of TA’ZIZ as a national engine of sustainable industrial growth. By 2028, TA’ZIZ will have the infrastructure in place to deliver 4.7 million tonnes per annum (mtpa) of chemicals, creating long-term value for our partners, industries and the wider economy. We will continue to strengthen supply chain resilience and support the UAE’s journey toward industrial self-sufficiency.”

Abdulnasser Bin Kalban, CEO of EGA, said: “EGA has long championed industrialization and economic diversification in the UAE and the aluminum sector, with EGA at its heart, which accounts for 1.3% of the UAE economy and supports over 56,000 UAE jobs. Each year, we spend more than AED8 billion on goods and services from UAE suppliers. Securing a key raw material, like caustic soda, locally strengthens our supply chain and increases our economic impact. We are pleased to partner with TA’ZIZ on this important initiative and look forward to continued collaboration.”

Caustic soda will be produced at the TA’ZIZ chlor-alkali plant, part of a 1.9 mtpa vinyl complex that includes production of ethylene dichloride (EDC), vinyl chloride monomer (VCM) and polyvinyl chloride (PVC). The chlor-alkali unit will produce over 700,000 dry metric tons per year, placing TA’ZIZ among the top three chlor-alkali plants globally by capacity. The broader TA’ZIZ Industrial Chemicals Zone also includes a 1 mtpa ammonia plant and a 1.8 mtpa methanol plant, reinforcing Ruwais’ position as a global hub for industrial chemical production.

TA’ZIZ will produce the caustic soda alongside ethylene dichloride (EDC), vinyl chloride monomer and polyvinyl chloride in its polyvinyl value chain. Caustic soda plays a key role in the chlor-alkali process, where it is produced alongside chlorine and hydrogen. The chlorine generated is then used to produce VCM, which is made into a polymer to form polyvinyl chloride, a plastic used extensively in construction, healthcare and industrial applications.

The acquisition, which remains subject to regulatory approvals, marks the latest milestone in EGA’s global expansion and accelerates the company’s growth in aluminium recycling across Europe.

Eco Green specialises in aluminium scrap collection, sorting and casting, and dross processing, distributing a total of more than 70 thousand tonnes per year.

The company’s plant in Villafranca di Verona in northeast Italy collects, sorts and distributes approximately 23 thousand tonnes of aluminium scrap annually. A portion of the sorted scrap feeds Eco Green’s nearby facility in Nogara di Verona, which casts more than 20 thousand tonnes of secondary sows per year and also processes dross.

Eco Green is advancing an expansion plan in the in Nogara di Verona facility that will add 15 thousand tonnes per year of recycled aluminium capacity. The project is expected to be completed early in the second half of 2026.

Eco Green serves more than 60 customers across Europe, primarily in the aluminium processing and semi-fabrication industries, with end-users in automotive, construction, and other industrial sectors. The company has also established a strong scrap sourcing network, of more than 350 suppliers, ensuring consistent access to high-quality scrap.

Founded by the Scappini family in 1993, Eco Green remains family led. The company employs 70 people, and its current management team is expected to continue following completion of the transaction.

EGA operates the UAE’s largest aluminium recycling plant in Al Taweelah in Abu Dhabi. EGA has already acquired aluminium recycling facilities in Germany and the United States with expansion projects underway at both sites.

Following completion, the acquisition of Eco Green will bring EGA’s recycling capacity to more than 400 thousand tonnes per year across the UAE, Europe and the United States, with an additional 200 thousand tonnes of capacity under development in Europe and the US. EGA markets its recycled aluminium globally under the brand RevivAL.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “At EGA, we are making rapid progress in building a global aluminium recycling business alongside expanding our primary aluminium production. Post closing, Eco Green will bring EGA reach and expertise in the European aluminium scrap market, making this a significant step forward in supplying the recycling operations we are building across the continent to contribute to Europe’s green future. Eco Green will also add recycled aluminium production in northeast Italy, which we can further develop as part of EGA.”

Luca Scappini, Chief Executive Officer of Eco Green, said: “Becoming part of the world’s largest producer of ‘premium aluminium’ will unlock Eco Green’s growth potential, enabling us to further enhance our plants and expand our scrap supply and customer networks across Europe. EGA is already a major primary aluminium supplier to Europe, and we look forward to contributing to a significant and fast-growing EGA recycling business across the continent.”

Analysts expect global demand for recycled aluminium to double by 2040, accounting for around 60 per cent of growth in global aluminium supply between now and 2030, and around 70 per cent between 2030 and 2040.

Europe, excluding Russia, is the world’s third-largest recycled aluminium market after the United States and China. Recycled aluminium currently meets around 40 per cent of Europe’s total aluminium demand, with industries consuming approximately 4.9 million tonnes in 2025. According to CRU, demand is expected to grow to around 7.2 million tonnes by 2033.

EGA acquired the German specialty foundry Leichtmetall in May 2024. Based in Hannover, EGA Leichtmetall produces high-strength recycled aluminium. In December, EGA announced a major expansion project that will increase EGA Leichtmetall’s recycling capacity more than six-fold, adding 110 thousand tonnes per year of scrap sorting capacity and 153 thousand tonnes per year of melting and casting capacity. The project represents an investment of approximately $170 million, with first hot metal expected in 2028.

EGA typically exports over 600 thousand tonnes of primary aluminium annually from the UAE to Europe each year, supplying key industries including automotive and construction.

In September 2024, EGA acquired Spectro Alloys, a recycling company in Minnesota in the United States. EGA Spectro Alloys completed an expansion in July 2025, bringing its total production capacity to 165 thousand tonnes per year of recycled aluminium ingots and billets. A second expansion phase, adding a further 35 thousand tonnes of billet capacity, is under development, with first hot metal expected in 2027.

In the UAE, EGA began cast metal production in late February at its new 185 thousand tonnes per year aluminium recycling plant at Al Taweelah. The plant is currently shut down as a result of Iranian missile and drone attacks at Khalifa Economic Zone Abu Dhabi.

Recycling aluminium requires about 95 per cent less energy than producing primary aluminium and generates only a fraction of the associated greenhouse gas emissions.

Eco Green and the Scappini Family were advised by Lucio Leoni and Legance with Riccardo Paganin, Carlotta Giani and Emilio De Niro.

The transaction supports EGA’s strategic initiatives by enhancing liquidity and providing additional financial flexibility to execute long-term plans, while further strengthening the company’s balance sheet and debt maturity profile.

The financing combined conventional and Shariah-compliant facilities arranged with a group of 21 leading regional and international banks, including term loans and revolving credit facilities with tenors of up to five years.

The transaction attracted strong interest from financial institutions across the Middle East, Europe, Asia, and North America, with demand significantly in excess of the facility amount.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “At EGA, we remain focused on long-term value creation for our shareholders including through capital structure optimisation. This successful financing reflects the strong confidence of the international banking community in EGA’s credit profile, operational excellence, and long-term growth strategy.”

EGA will use the proceeds to refinance existing indebtedness and support strategic initiatives.

· Underlying EBITDA up 7 per cent to AED 9.28 billion ($2.53 billion).

· Record metal sales of 2.83 million tonnes, with 81 per cent as value-added ‘premium aluminium’, including record low-carbon primary and recycled aluminium sales up 70 per cent to 196 thousand tonnes.

· Strategic growth advanced with plans for a new US smelter and a significant expansion of global aluminium recycling capacity.

· Signed a landmark initiative with TAQA, DUBAL Holding and EWEC to decarbonise aluminium production and accelerate the development of renewable and clean energy.

· Strong underlying cash generation enabled a dividend payout of AED 3.7 billion ($1 billion) to shareholders, representing a payout ratio of 75 per cent.

*EGA underlying results are excluding GAC results for both FY 2025 and FY 2024. GAC results which include impairment, provisions and other costs, resulted in a charge of AED 2.81 billion ($765 million) in FY 2025, compared with a charge of AED 1.64 billion ($447 million) in FY 2024, net of tax credits.

**Cast metal production is all finished products from EGA’s primary and recycling plants worldwide.

*** Low carbon primary is metal sold under the product brands CelestiAL solar aluminium, CelestiAL-R solar aluminium sweetened with secondary content, MinimAL aluminium made with nuclear power, and MinimAL-R aluminium made with nuclear power sweetened with secondary content.

****Recycling is aluminium sold under the RevivAL product brand, and is remelted post-consumer and pre-consumer aluminium scrap usually blended with a proportion of primary aluminium to achieve the metallurgical properties required by customers.

United Arab Emirates, 25 February 2026: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer, today announced strong underlying financial performance and record sales in 2025.

EGA delivered underlying Earnings Before Interest, Tax, Depreciation and Amortisation (underlying EBITDA) of AED 9.28 billion ($2.53 billion), compared to AED 8.69 billion ($2.37 billion) in 2024, driven by higher average realised aluminium prices, ongoing improvement work, and higher sales.

EGA’s underlying EBITDA margin was 29 per cent in 2025 compared to 31 per cent in 2024, slightly lower due to higher alumina and bauxite prices but continuing to lead listed industry peers.

EGA delivers competitive margin performance through product mix, production creep, and operational discipline.

EGA focuses on optimising cost and performance across the value chain, and delivered more than AED 235 million (more than $65 million) in incremental improvements in 2025 compared with 2024, driven by higher production, efficiency gains, and procurement savings.

From 2026, EGA will embark on a second phase of its improvement programme, Najah 2.0, targeting another AED 1.62 billion ($440 million) in annual improvements by 2030, compared to the baseline year of 2024, including through technical upgrades in operations, optimising raw material supply and improving pricing through sales and marketing excellence.

EGA’s underlying net profit, excluding GAC, was up by 16 per cent to AED 4.93 billion ($1.34 billion), compared with AED 4.26 billion ($1.16 billion) in 2024. Including GAC, EGA recorded a net profit of AED 2.12 billion ($578 million) compared to AED 2.62 billion ($715 million) in 2024.

EGA’s cast metal production rose to the highest-ever at 2.84 million tonnes. EGA sold a record 2.83 million tonnes of cast metal to over 400 customers in more than 50 countries, up from 2.77 million tonnes in 2024. The share of value-added products - ‘premium aluminium’- was 81 per cent in 2025 (82 per cent in 2024).

Al Taweelah alumina refinery produced 2.40 million tonnes of alumina in 2025, slightly down from 2.54 million tonnes in 2024, meeting 46 per cent of EGA’s alumina needs. During 2025, EGA implemented numerous modifications to enhance the refinery’s efficiency in processing a wider range of bauxite types and a debottlenecking expansion that unlocked additional alumina production capacity.

EGA demonstrated the resilience of its supply chain strategy after the Basic Agreement with the Government of Guinea was terminated and GAC’s mining license was revoked. EGA promptly secured alternative bauxite supply options, including from Australia, Ghana and Brazil. This diversified sourcing approach, combined with contract flexibility and continued participation in the spot market, enabled the company to capitalise on market opportunities. EGA signed term contracts covering more than 70 per cent of volume needs, with purchases managed through framework agreements to ensure the security of supply and flexibility.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “We delivered a strong financial performance in 2025, driven by record sales, favourable aluminium prices, and disciplined cost control—demonstrating the strength and resilience of our business. At the same time, we made significant strategic progress to secure our future growth. We advanced plans for a new smelter in the United States and successfully piloted our next-generation smelting technology, which will underpin our long-term competitiveness. We also expanded our recycling footprint, with new capacity in the United States and growth projects in the UAE and Europe. These milestones position us to lead the industry’s next phase of growth and create sustainable long-term value.”

EGA achieved record sales of low-carbon aluminium product brands, up 70 per cent to 196 thousand tonnes. EGA sold 109 thousand tonnes of CelestiAL solar aluminium (including 36 thousand tonnes of CelestiAL-R with recycled content), up from 84 thousand tonnes in 2024. During 2025, EGA sold its first ever MinimAL low carbon aluminium made with nuclear power. RevivAL recycled aluminium sales increased to 86 thousand tonnes, from 31 thousand tonnes in 2024.

The average realised London Metal Exchange aluminium price was $2,610 per tonne in 2025, up from $2,392 per tonne in 2024 supported by steady demand, aluminium supply disruptions and a weaker US dollar.

Regional premiums were highly volatile in 2025.

In Japan, the MJP index peaked above $220 per tonne early in the year, dropped to around $65 by August, and then rebounded to end the year near $170 per tonne. The MJP index averaged around $125 per tonne in 2025 compared with around $145 per tonne in 2024.

Europe’s MB duty-paid premium declined to below $190 per tonne mid-year before recovering to over $330 per tonne. The MB premium averaged around $250 per tonne in 2025 compared with around $315 per tonne in 2024.

In the United States, higher aluminium import tariffs pushed the MW duty-paid premium from around $500 per tonne to more than $2,000 per tonne by year-end. The MW premium averaged around $1,300 per tonne in 2025 compared with around $425 per tonne in 2024.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: “Across multiple end‑markets, we are seeing strong secular tailwinds that continue to accelerate the need for aluminium—driven by sustainability, electrification, and long‑term infrastructure renewal. There is significant addressable market for aerospace and defence driving growth. Every electric vehicle requires significantly more aluminium. The price of aluminium is less than one third the price of copper, leading to accelerating potential substitution across power cables and wiring applications. These underlying structural trends position aluminium - and EGA’s business - extremely well for the long term.”

Underlying cash flow from operations was AED 8.27 billion ($2.25 billion), compared with AED 8.30 billion ($2.26 billion) in 2024. The cash conversion ratio was 80 per cent in 2025 compared to 64 per cent in 2024. Net debt to underlying EBITDA remained stable at 1.35x in 2025 compared to 1.34x in 2024, reflecting continued strong balance sheet. EGA paid shareholders a total of AED 3.7 billion ($1 billion) in 2025, representing a payout ratio of around 75 per cent.

Total debt declined to AED 14.08 billion ($3.83 billion) from AED 15.96 billion ($4.35 billion) in 2024. During the period, EGA made scheduled debt repayments of AED 2.5 billion ($687 million) and fully repaid the GAC loan of AED 1.94 billion ($530 million).

GAC’s results, which include impairment, provisions, and other costs, resulted in a charge of AED 2.81 billion ($765 million) in 2025, compared with a charge of AED 1.64 billion ($447 million) in 2024, net of tax credits.

Including GAC results, EGA delivered Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of AED 8.51 billion ($2.32 billion) in 2025

On strategic growth, EGA announced plans to build the first new primary aluminium production plant in the United States since 1980. The plant is expected to have a production capacity of 750 thousand tonnes of primary aluminium per year. After the period, Century Aluminium signed a joint development agreement with EGA to join the project in Oklahoma. EGA will own 60 per cent of the joint venture, with Century owning the remaining 40 per cent.

EGA also began production at its next-generation EX smelting technology pilot project in Al Taweelah. EX delivers higher output with lower energy use and emissions. The technology is being prepared for industrial-scale deployment in Oklahoma.

EGA is advancing the development of a global aluminium recycling platform. In the UAE, EGA is nearing completion of the country’s largest aluminium recycling plant in Al Taweelah. The plant will have a production capacity of 185 thousand tonnes of low-carbon, high-quality billets and T Bars per year. After the period, EGA announced the first charging with scrap of the melting furnace at Al Taweelah recycling plant, in a major construction milestone. First production from the plant is expected by the end of Q1 2026.

In Germany, EGA announced plans to expand the production capacity of the EGA Leichtmetall recycling plant more than six-fold by building a second facility near the existing Hannover location. The project will add 110 thousand tonnes per year of scrap sorting capacity and 150 thousand tonnes per year of melting and casting capacity, with first hot metal expected in 2028.

In the US, the first phase of the EGA Spectro Alloys expansion was completed in 2025. A second phase of the expansion was started and is expected to be completed during 2027, taking EGA Spectro Alloys’ capacity to 200 thousand tonnes per year.

In 2025, EGA signed a landmark initiative with TAQA, DUBAL Holding and EWEC to decarbonise aluminium production and accelerate the development of renewable and clean energy in Abu Dhabi.

This initiative will enable EGA to scale up production of CelestiAL solar aluminium and MinimAL low-carbon aluminium produced using nuclear power to as much as almost half of total UAE primary aluminium output by the end of 2028, subject to market demand for low carbon aluminium.

As a part of the initiative, TAQA and DUBAL Holding are acquiring EGA’s Al Taweelah power and water assets for AED 7.0 billion ($1.9 billion). EGA signed Abu Dhabi’s largest-ever electricity supply agreements with EWEC and TAQA Distribution, which will make EGA the largest single electricity customer on the Abu Dhabi grid. These agreements provide EGA with 23 terawatt hours (TWh) of electricity per year for 24 years, with an increasing share from renewable and clean energy sources as EWEC’s transformative solar electricity generation projects come online.

The total greenhouse gas emissions reduced by the initiative is expected to be 3.5 million tonnes annually by 2035, more than three per cent of Abu Dhabi’s total current emissions.

In line with Make it in the Emirates and the UAE’s Operation 300bn industrial strategy, EGA continues to support the growth of the UAE’s industrial sector. In 2025 EGA sold 311 thousand tonnes of cast metal to local customers (2024: 310 thousand tonnes). To further increase local procurement, EGA and Sunstone will begin construction of a 300 thousand tonnes per year anode plant in Abu Dhabi, with first anode production expected as early as 2028.

Bechtel is undertaking the design of the new plant with a strong focus on value improvement, preparing the project for a final investment decision and the start of construction by the end of 2026. The Bechtel team is also defining the technical, infrastructure, and planning requirements to enable new industrial growth in Inola, which will create long-term benefits for local communities across Rogers County and the greater northeast Oklahoma region.

The project will be the first new primary aluminum smelter built in the United States since 1980, and will double current U.S. primary aluminum production. The project will create 1,000 permanent direct jobs at the facility and 4,000 jobs during construction. The plant will be built with EGA’s latest aluminum reduction technology, EX, which is amongst the most advanced and efficient in the world.

As part of its work, Bechtel is exploring modularization and pre-assembly strategies to improve the efficiency of construction on site, and defining logistics to transport materials by road and river while minimizing the impact on local traffic.

Bechtel is working closely with ERM, a leading sustainability consultancy that is coordinating the environmental and social public consultation and permitting process for the project. 

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Building the first American primary aluminum production plant in decades is a transformative project for America’s industrial revival, the strong economic future of Inola and Oklahoma, and for our company. Bechtel, with its leading experience in American industrial projects and aluminum projects around the world, will play a key role in the extensive work ongoing to make this project a reality.”

Jesse Gary, Chief Executive Officer of Century Aluminum, said “The selection of Bechtel adds momentum to our project, meeting the urgency of our nation’s needs for this critical metal. We’re proud to mark this milestone with EGA and with Bechtel.”      

Ailie MacAdam, President of Bechtel Mining & Metals, said: “Bechtel has been helping build America’s industrial base for more than a century, and we welcome the opportunity to support this important project in Oklahoma. We are bringing our experience in delivering U.S. megaprojects and our global track record in delivering aluminum facilities to help our customer move forward with confidence.”

Bechtel has built one-third of all new aluminum smelter capacity outside China over the past 25 years and has been a leader in U.S. project delivery since 1898.

EGA and Century Aluminum are developing the Oklahoma project in partnership, with EGA owning 60 per cent and Century Aluminum owning 40%.

The partnership combines EGA’s world-class expertise in aluminum smelting design and technology, construction and operation with Century’s extensive history and expertise operating aluminum smelters in the United States utilizing domestic supply chains. The project will use EGA’s latest state-of-the-art EX technology, the most advanced ever installed in the United States. Both parties will now solely focus their greenfield development efforts in the United States on the Inola, OK site.

Once complete, the Inola plant will be the largest ever primary aluminum production plant in the U.S., and the first built in nearly 50 years. About 85 percent of the aluminum needs of American industries are currently met by imports. The new smelter will expand the domestic supply of this critical mineral and grow the American aluminum workforce, revitalizing U.S. aluminum expertise and know-how.

Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium, said; “We have made great progress preparing for the start of construction in Inola, and welcome Century as a partner in this important project for the future of American industry and now both our companies. EGA’s global skills, technology and capital are being joined by Century’s deep expertise and experience in the United States. Together we will make a huge contribution to rebuilding American aluminum production for the 21^st century.”

Jesse Gary, CEO of Century Aluminum, said: “Our partner EGA brings world-class smelting technology and construction expertise that are fast-tracking our collective efforts to realize President Trump’s vision of rapidly increasing domestic primary aluminum production. Key industries, such as automotive, aerospace, construction, packaging and importantly, national defense, stand to benefit greatly from this expanded production of this critical metal, which will create thousands of new American manufacturing jobs. We are once again proving that President Trump’s leadership is working to spur investment and innovation to revitalize the U.S. aluminum industry, which is essential to our nation’s defense and the economic vitality of working-class communities across the country.”

Construction of the project is expected to start by the end of 2026. Production is expected to begin by the end of the decade. Detailed engineering work is already underway and negotiations with Public Service Company of Oklahoma and the state of Oklahoma on a competitive long-term power supply are progressing.

The plant will be built at the industrial park at Tulsa Port of Inola, located on the McClellan-Kerr Arkansas River Navigation System (M-KARNS), which is connected to the Mississippi River system and provides for efficient bulk freight movement.

The Inola plant is expected to drive the development of a regional aluminum-focused industrial hub in Oklahoma, creating thousands of additional jobs and economic opportunities in the upstream supply chain and in new downstream aluminum manufacturing.

- TAQA and DUBAL Holding JV sign Power Purchase Agreement (PPA) with EWEC for 3.1 GW combined cycle gas-fired plant in Al Taweelah

- TAQA Transmission to acquire EGA’s electricity transmission assets

- EGA signs AED multi-billion long-term agreements with EWEC and TAQA Distribution for the supply of electricity, becoming largest single customer on the Abu Dhabi electricity grid

- EGA to vastly increase production of CelestiAL solar aluminium.

United Arab Emirates, 27 November 2025: Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company PJSC (TAQA), DUBAL Holding, and Emirates Water and Electricity Company (EWEC) announced the signing of a series of agreements to decarbonise EGA’s aluminium production and expand renewable and clean energy development in Abu Dhabi.

The agreements cement an initiative that advances TAQA and DUBAL Holding’s growth strategies, makes EGA a leader in the global aluminium industry’s drive to net zero by 2050, supports EWEC’s  strategic optimisation of new solar power generation in Abu Dhabi, and improves the efficiency of power generation in the Emirate enabling further reductions in greenhouse gas emissions.

The agreements were signed by Farid Al Awlaqi, Chief Executive Officer of TAQA's Generation business, Abdulnasser Bin Kalban, Chief Executive Officer of EGA, Ahmad Hamad Bin Fahad, Chief Executive Officer of DUBAL Holding, and Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, in the presence of His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy, Homaid Al Shimmari, Chairman of Emirates Global Aluminium, and Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA.   

TAQA and DUBAL Holding will acquire EGA’s power and water generation assets in Al Taweelah for USD $1.9 billion (ca. AED 7 billion). The Al Taweelah power plant has a power capacity of 3.1 gigawatts (GW), is the third largest in Abu Dhabi, and includes 6.25 million imperial gallons per day of desalination capacity. The plant utilises high-efficiency combined-cycle gas turbines and reverse osmosis desalination technology. The generation assets will be held under a joint venture company, with ownership shared equally between TAQA and DUBAL Holding, and operations managed by a new operations and maintenance company jointly owned by TAQA and EGA.

The TAQA and DUBAL Holding joint venture signed a Power Purchase Agreement with EWEC under which EWEC will purchase the power from the Al Taweelah plant until 2049. The plant will provide flexible power supply, supporting the continued integration of renewables and clean energy into the Abu Dhabi grid.

TAQA Transmission will acquire EGA’s electricity transmission assets, and it is currently undertaking a project to increase the overall interconnection capacity from the main grid to EGA’s sites from 640 to 3,360 megavolt-amperes (MVA), to allow for enhanced clean energy supply from the grid, with completion expected in 2027.

EGA signed Abu Dhabi’s largest-ever electricity supply agreements with EWEC and TAQA Distribution, which will make EGA the largest single electricity customer on the Abu Dhabi grid. These agreements provide EGA with 23 terawatt hours (TWh) of electricity per year for 24 years, with an increasing share from renewable and clean energy sources as EWEC’s transformative solar electricity generation projects come online. EGA’s power demand supports EWEC’s continued optimisation and utilisation of solar generation assets.

EWEC is accelerating the decarbonisation of Abu Dhabi’s energy sector, and by 2035 forecasts more than 18GW of solar PV will be in operation, in addition to the decoupling of power and water production. Due to these strategic actions, EWEC projects total CO₂ emissions in the energy sector will decrease around 50 per cent by the mid-2030s.

EGA will vastly increase the proportion of its production that is CelestiAL solar aluminium and MinimAL low carbon aluminium produced using nuclear power to as much as almost half EGA’s total primary aluminium production by the end of 2028, depending on market demand.

Production of CelestiAL and MinimAL will begin to increase from the fourth quarter of 2025, as EGA will also have the ability to bid on increasing amounts of CECs for renewable and clean power from existing solar and nuclear power generation assets.

EWEC will further improve the efficiency of the Abu Dhabi electricity generation fleet, as the addition of EGA’s generation capacity to the grid enables further flexibility in the management of electricity despatch in response to demand fluctuations. This is expected to reduce gas consumption per unit of electricity generated, and contribute towards TAQA and EWEC achieving its greenhouse gas emission reduction targets for electricity generation in Abu Dhabi.

EGA and EWEC will share the financial benefits that directly derive from this initiative on an ongoing basis.

The total greenhouse gas emissions reduced by the initiative is expected to be 3.5 million tonnes annually by 2035, more than three per cent of Abu Dhabi’s total current emissions.

The transaction is subject to regulatory approvals and other closing conditions, customary for a transaction of this nature and is expected to close in the new year.

His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy, said: “These agreements demonstrate Abu Dhabi’s approach in action - delivering reliable and sustainable energy to enable the growth of a manufacturing industry, while minimising carbon footprint. The Department of Energy partnered with EWEC, TAQA, DUBAL Holding and EGA in bringing this initiative to the finish line. This depth of partnership is only possible in Abu Dhabi, where enabling ecosystems, strong collaboration, supporting regulations, clear policy, and a future-focused approach enable communities and industries to thrive.”

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “This initiative is one of the largest decarbonisation projects ever in the global aluminium industry, and makes EGA a leader in our industry’s drive towards a more sustainable future. For our global customers, it significantly increases the availability of low carbon ‘premium aluminium’, strengthening the role of our metal as an essential material to make modern life possible. For our current and potential future investors, it reinforces EGA’s competitiveness not only as the biggest ‘premium aluminium’ producer in the world but also one of the most sustainable.”

Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said: “Today’s agreements demonstrate the strength and breadth of TAQA’s integrated model, spanning generation, transmission and distribution. The acquisition of EGA’s Al Taweelah power assets enhances our portfolio and supports our 2030 ambition of reaching 150 GW of power generation capacity globally. With our proven expertise in operating critical transmission and distribution infrastructure, we are well positioned to deliver reliable and efficient power to meet the increasing demand of industry and communities. Importantly, by connecting EGA to the Abu Dhabi grid, we are collectively enabling the decarbonisation of one of the UAE’s important industries, significantly reducing their emissions and further advancing our ambition for a cleaner energy future.” 

Ahmad Hamad Bin Fahad, Chief Executive Officer of DUBAL Holding, said: “These agreements mark a key step toward driving sustainable industrial growth across the United Arab Emirates. We are pleased to partner with EGA, TAQA, and EWEC and this reinforces DUBAL Holding’s commitment to driving the country’s clean energy transition and positioning the UAE as a global leader in low-carbon aluminium production. Through targeted investments in low-emission power infrastructure, we are not only enabling sustainable manufacturing but also supporting the goals of the UAE’s Net Zero by 2050 Strategy, creating long-term value for both the economy and the wider society”.

Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said: “This landmark partnership redefines what is possible for sustainable industrial growth. Long-term collaboration between the energy sector and major industrial companies can deliver significant reductions in carbon emissions and accelerate the decarbonisation of energy-intensive manufacturing. EWEC is uniting our world-leading renewable and clean energy capabilities with the expertise of our partners, advancing the decarbonisation of aluminium production, and setting a new global benchmark for how UAE industries can lead and thrive on the international stage while accelerating toward a net-zero future.”

Government of Dubai Media Office – 25 November 2025: His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Deputy Prime Minister and Minister of Defence of the UAE, and His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Martyrs’ Affairs, attended a celebration hosted by Emirates Global Aluminium (EGA) to mark its 50^th anniversary and a decade since Emirates Aluminium (EMAL) and Dubai Aluminium (DUBAL) merged to form the company.

On this occasion, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said:
"Fifty years ago, the late Sheikh Rashid bin Saeed Al Maktoum launched Dubai Aluminium with an annual production capacity of 135,000 tonnes, establishing one of the first pillars of the UAE’s industrial transformation and economic diversification. A decade ago, DUBAL and EMAL merged to form a national industrial powerhouse, embodying the spirit of the Union and strengthening global competitiveness. Today, Emirates Global Aluminium is a leading force in the UAE’s industrial development, producing over two million tonnes a year and contributing around AED23 billion to the national economy."

His Highness praised EGA’s leadership in technology and sustainability, noting that it became the world’s first producer of solar aluminium and has launched a new generation of low-carbon products. These achievements reinforce the UAE’s industrial progress and its commitment to sustainable development. His Highness emphasised that “global leadership is achieved through ambition, innovation and determination, the very values on which the Union was founded.”

His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan said the UAE’s industrial sector is a driving force of the national economy and a cornerstone of the country’s development model, one that has enabled the UAE to build a diversified and sustainable economy recognised worldwide for its competitiveness.

He noted that Emirates Global Aluminium stands as one of the nation’s most distinguished industrial achievements, having powered the UAE’s growth and diversification for more than five decades. His Highness added that the UAE’s leadership has placed innovation and sustainability at the heart of its long-term vision, driven by the conviction that industrial excellence is vital to balanced, future-ready development that safeguards the prosperity of future generations.

EGA is the world’s largest producer of premium aluminium, which ranks as the UAE’s biggest export after oil and gas and reaches customers in more than 50 countries.

Aluminium is an essential material for modern life and for building a more sustainable future. With global demand for aluminium set to rise by 50–80% by 2050, EGA is expanding to capitalise on this demand growth and strengthen its position as a global industrial champion for the UAE.

Abdulnasser bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The visit of Their Highnesses is not only a profound honour for everyone at EGA, but also a powerful affirmation of our mission and contribution to the nation. Guided by the UAE leadership’s vision, EGA has been a cornerstone of the UAE’s industrial strength and global reputation for more than fifty years. Today, we are accelerating that legacy — advancing with clarity and ambition towards becoming a smart, sustainable, globally competitive industrial champion that supports the UAE’s future prosperity and economic transformation.”

EGA was founded in 1975 as Dubai Aluminium by the late Sheikh Rashid bin Saeed Al Maktoum, laying the groundwork for one of the UAE’s earliest industrial success stories. What began in Jebel Ali as a small regional smelter—producing just 37,000 tonnes in its first full year of operations in 1980—has evolved into a global-scale enterprise that now produces the same volume every five days. Earlier this month, EGA surpassed a major milestone of 50 million tonnes of cast metal since start-up. The Jebel Ali plant has undergone eight expansions, reflecting the company’s continuous growth and long-term industrial ambition.

Emirates Aluminium — the world’s largest single-site aluminium smelter when built — was established in Al Taweelah in 2007 by the late Sheikh Khalifa bin Zayed Al Nahyan, who later directed the merger of EMAL and DUBAL in 2014 to form Emirates Global Aluminium.

Over a decade of unity, EGA expanded upstream and internationally, with operations across the value chain from alumina refining and aluminium production to recycling in the UAE, Europe and the United States. During the visit, Their Highnesses reviewed EGA’s transformation and strategic growth strategy. EGA is progressing plans to develop the first new primary aluminium plant in the United States since 1980, which will almost double American primary aluminium production. In recycling, EGA is building a global platform through the acquisition and expansion of plants in Germany and the United States, and the construction of the UAE’s largest aluminium recycling plant at Al Taweelah.

EGA has been developing its own smelting technology for over 35 years, deploying it in every expansion since the 1990s and upgrading all earlier production lines. In 2016, it became the first UAE industrial company to license its core process technology internationally, a key milestone for the nation’s knowledge economy.

Today, EGA is a leader in the development and application of Industry 4.0 technologies.  EGA is also recognised by the World Economic Forum as an Industry 4.0 Global Lighthouse, the first in both the UAE and the global aluminium industry.

EGA has one of the highest Emiratisation rates among major companies on a like-for-like basis and employs more than 1,300 UAE Nationals, including over 700 under the age of 35. The company aims to accelerate targeted Emiratisation to reach 50 % by 2027, with up to 600 additional UAE National hires planned over the period.

Aluminium rods are used to make power cables. The new plant is expected to have a production capacity of 36 thousand tonnes per year of various grades of aluminium rods, which will be supplied to existing Mark Cables factories in Dubai and Angola as well as to third party customers in the UAE, Africa and Europe.

The plant will be located in the ‘Aluminium Valley’ section of KEZAD, which is adjacent to Emirates Global Aluminium’s Al Taweelah smelter.

Mark Cables Power Solutions LLC Abu Dhabi has signed a non-binding agreement with EGA that envisions the supply of 35 thousand tonnes per year of aluminium to the proposed new plant.

Leoncie Mukundente, Managing Director of Mark Cables FZE, said: “Regional and global demand for power cables is growing due to the expansion of electricity grids to support the development of renewable power generation and to enable further electrification in developing countries. Increasingly, aluminium is being substituted for copper in power cables, to lower costs while delivering the performance required. This new plant will help meet this growing global demand, while creating further value in the UAE from our nation’s aluminium production.”

Adel Abubakar, Chief Marketing Officer of Emirates Global Aluminium said: “We look forward to the construction of Mark Cables Power Solutions’ new plant, and to a new customer for our metal in the UAE. EGA’s aluminium supply has spurred the development of the downstream aluminium sector in the UAE, creating jobs and economic opportunity across the country in line with Make it in the Emirates.”

·  Cast metal sales rose to 1.41 million tonnes, with 84% as value-added ‘premium aluminium’.

·  Recycling and low-carbon aluminium sales surged, with major progress in UAE and US facilities.

·  Strategic growth advanced with plans for a new US smelter, rollout of next-generation EX technology, and expansion at US recycling plant.

·  Guinea subsidiary value fully written down following expropriation.

*Before GAC adjustment. After the GAC impairment and accounting adjustments, EGA recognised an impairment and provisions charge of AED 2.5 billion ($687 million) related to GAC, net of tax credits. This is a full write down of the value of GAC in EGA's books. EGA recorded a net loss of AED 890 million ($242 million).

** Primary hot metal refers to metal produced in the potlines at EGA’s primary aluminium production facilities in Al Taweelah and Jebel Ali.

*** Cast metal production and sales refers to all cast metal produced at EGA’s production facilities in Al Taweelah, Jebel Ali, EGA Leichtmetall and EGA Spectro Alloys. EGA Spectro Alloys production is included on a 100 per cent basis, although EGA owns 80 per cent of EGA Spectro Alloys.

**** RevivAL is EGA’s product brand for metal containing secondary content.

United Arab Emirates, 4 September 2025: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer, today announced resilient underlying financial performance in weaker markets during the first half of 2025 while delivering strategic progress on growth, alongside a full write-down of the value of the company’s Guinea subsidiary.

EGA delivered underlying Earnings Before Interest, Tax, Depreciation and Amortisation (underlying EBITDA) of AED 3.82 billion ($1.04 billion), compared to AED 4.20 billion ($1.14 billion) in the first half of 2024. The decline was primarily due to Guinea supply disruption and the expropriation of Guinea Alumina Corporation (GAC), partially offset by higher realised aluminium prices.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “EGA is delivering on its bold growth agenda while transforming how aluminium is made and recycled. From advancing our plans for the first new primary aluminium plant in the United States in decades, to pioneering next-generation smelting technology and expanding our recycling footprint in both the UAE and the US, we are building the future of aluminium. These milestones reflect our commitment to innovation, sustainability, and global industrial leadership”

The average realised London Metal Exchange aluminium price was $2,538 per tonne, up from $2,303 per tonne in H1 2024, though prices fluctuated significantly due to global trade uncertainty and a weaker US dollar.

Regional premiums were also volatile. Japan’s MJP index peaked above $220 per tonne before falling to $90 by June. Europe’s MB duty-paid premium dropped from $360 to below $190. In the United States, aluminium import tariffs rose to 50 per cent, pushing the MW duty-paid premium from under $500 to over $1,500 per tonne by July.

Alumina prices rose early in the year due to supply disruptions in Australia, India, Jamaica, and Brazil, before easing as capacity expansions progressed in China, India, and Indonesia.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said “The volatility in aluminium prices is expected to continue in the second half of 2025 impacted by evolving trade policies and trade tensions. Meanwhile, the global balance for aluminium is expected to be a marginal deficit in 2025. As for alumina markets, prices are expected to continue trending lower as new capacities continue to come online in Asia.”

EGA’s primary hot metal production remained steady at 1.34 million tonnes. Cast metal output totalled 1.41 million tonnes, with EGA Leichtmetall contributing 10 thousand tonnes and EGA Spectro Alloys 33 thousand tonnes.

EGA sold 1.37 million tonnes of cast metal to over 400 customers in more than 50 countries, up from 1.31 million tonnes in H1 2024. The share of value-added products - ‘premium aluminium’- rose to 84 per cent (H1 2024: 82 per cent). Higher billet, slab and purity sales offset softer demand for foundry amid weaker-than-expected performance in the automotive sector. 

Sales of low-carbon aluminium brands also grew. EGA sold 52 thousand tonnes of CelestiAL solar aluminium (including 19 thousand tonnes of CelestiAL-R with recycled content), up from 44 thousand tonnes in H1 2024. During the period, EGA signed a supply agreement with Hyundai Mobis for up to 15 thousand tonnes of CelestiAL per year by 2026.

RevivAL recycled aluminium sales surged to 41 thousand tonnes, from just two thousand tonnes in H1 2024.

Al Taweelah alumina refinery produced 1.14 million tonnes of alumina in the first half of 2025, slightly down from 1.22 million tonnes in H1 2024, primarily due to the need to use alternative bauxite sourced from suppliers outside Guinea. To mitigate this, EGA implemented modifications to enhance the refinery’s efficiency in processing other bauxite types. While Australia remained the main source of bauxite during the period, EGA signed an agreement in June 2025 with the Ghana Integrated Aluminium Development Corporation to explore long-term offtake arrangements and collaborate on rail and port infrastructure to support expanded production in the Republic of Ghana.

EGA continues to pull all available levers to grow margins and offset the negative impact of the situation in Guinea. The Najah transformation programme has played a significant role in recent years and has now been strengthened and extended to focus on sales, cost control, capital expenditure, and operating capital efficiency. These efforts, combined with a continued emphasis on maximising production and increasing the share of value-added products, enabled EGA to maintain a competitive aluminium segment EBITDA margin of 22.8 per cent in the first half of 2025 (H1 2024: 27.5 per cent), continuing to lead global industry peers.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “In today’s volatile market environment, it is more important than ever to strike the right balance between operational discipline and strategic ambition. At EGA, we are focused on improving every aspect of our performance - from cost and capital efficiency to digital transformation - while continuing to invest in the growth opportunities that will define our future.”

Exports of bauxite from CBG and GAC remained suspended throughout H1 2025. After the period, the Government of Guinea wrongfully declared termination of the Basic Agreement and revoked GAC’s mining licence—actions that amount (amongst other unlawful actions taken by the Government of Guinea) to a de facto expropriation of EGA’s investment.

As a result of these actions, GAC released the majority of employees (providing compensation beyond local legal requirements), terminated contracts, and is seeking to assert its legal rights over equipment and infrastructure that GAC owns but which is currently under the physical control of the Government.

EGA recognised an impairment and provisions charge of AED 2.5 billion ($687 million), representing a full write-down of GAC’s value, net of tax credits.

EGA’s underlying net profit before GAC adjustments was AED 1.63 billion ($445 million) compared to AED 1.84 billion ($500 million) in H1 2024. After the GAC impairment and accounting adjustments, EGA recorded a net loss of AED 890 million ($242 million).

Abdulnasser Bin Kalban continued: “We are deeply disappointed that the Guinean Government and entities under its control have chosen to violate fundamental legal principles to the detriment of investor confidence, governance, transparency, and long-term national interest. In addition to expropriating EGA’s investments in Guinea, this situation increased our bauxite procurement costs, reduced the efficiency of our alumina refinery as we made modifications to process different bauxite grades, and increased our need for third-party alumina. At the alumina refinery we made quicker progress than we initially believed possible for the first half and continue to reduce the impact of the supply disruption. We also made progress forging new global partnerships in bauxite supply.”

EGA advanced its strategic growth agenda in H1 2025, and announced the progression of plans to develop the first new primary aluminium production plant in the United States since 1980.

The plant in Oklahoma is expected to have a production capacity of between 600 thousand tonnes and 750 thousand tonnes of primary aluminium per year, nearly doubling the United States’ aluminium production capacity. Construction is expected to begin after a bankable feasibility study and by the end of 2026, with first hot metal by the end of the decade. The project has secured State-level incentives through the Oklahoma legislative process, and is progressing technical, environmental and permitting studies to support the feasibility study.

EGA also completed construction of a pilot for its next-generation EX smelting technology in Al Taweelah and began production. EX delivers higher output with lower energy use and emissions, integrating Industry 4.0 capabilities and AI-driven analytics. The technology is being prepared for industrial-scale deployment in Oklahoma.

In recycling, EGA made significant progress. EGA Spectro Alloys completed a 55 thousand tonnes per year expansion in Minnesota, reaching first hot metal in early July. Total capacity now stands at 165 thousand tonnes, with full ramp-up expected in Q1 2026.

In the UAE, construction of the country’s largest aluminium recycling facility in Al Taweelah is ahead of schedule and budget. Construction completion is currently 72 per cent complete with first hot metal expected during the first quarter of 2026. The plant will have a production capacity of 170 thousand tonnes of secondary billet annually.

During H1 2025, EGA signed an MOU with RTX and Tawazun Council to establish EGA as a new producer of gallium, and is currently in the preparation phase of launching a feasibility study for the potential facility in Al Taweelah.

Digitalisation delivered AED 48 million ($13 million) in financial impact in H1 2025, with 22 new use cases developed. Since 2021, EGA’s Industry 4.0 programme has generated AED 440 million ($120 million) in value through more than 80 use cases and 22 digital products. EGA also signed an agreement with the Ministry of Industry and Advanced Technology to support digital transformation of UAE industrial SMEs.

In early 2025, EGA was named an Industry 4.0 Global Lighthouse by the World Economic Forum—the first in the UAE and the first aluminium company globally to earn this recognition.

In support of the UAE’s Operation 300bn industrial growth strategy, EGA sold 153 thousand tonnes of cast metal to local customers (H1 2024: 149 thousand tonnes). The company also signed a joint development agreement with Sunstone for a 300 thousand tonnes per year anode plant in Abu Dhabi and a USD 500 million deal with ADNOC to localise 30 per cent of calcined petroleum coke needs over five years.

Cash flow from operations was AED 2.63 billion (USD 715 million), down from AED 3.34 billion (USD 909 million) in H1 2024. Net debt to underlying EBITDA improved to 1.4x (H1 2024: 1.6x). Total debt declined to AED 14.7 billion (USD 4.0 billion), from AED 16.5 billion (USD 4.5 billion). EGA made AED 1.4 billion (USD 373 million) in scheduled repayments during the period.

EGA’s Total Recordable Injury Frequency Rate during the first half of 2025 was at 1.71 per million hours worked. There was three Lost Time Injuries at EGA, and the employees fully recovered.

CelestiAL-R is the world’s first combination of aluminium produced with solar power and scrap metal, significantly reducing greenhouse gas emissions.

The introduction of CelestiAL-R billets allows EGA to meet further demand for low-carbon aluminium in extrusion and forging applications. Previously, EGA only produced CelestiAL-R foundry alloys which are ideal for re-melting applications.

Demand for low-carbon aluminium is rising in Japan as industries seek to reduce their carbon footprint in line with national net-zero targets.

EGA and ITOCHU supplies aluminium ingot and billet to Sankyo Tateyama, and in 2024 started to supply CelestiAL, which is solar power generated aluminium.

EGA is able to produce CelestiAL-R to customer specifications due to the high quality of EGA’s primary aluminium, the rigorous selection of scrap metal, and the flexibility of EGA’s Casthouses.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Our first production of CelestiAL-R billets is a step forward in expanding the portfolio of our most sustainable aluminium products. At EGA, we focus on innovation and flexibility in delivering the highest quality, low-carbon aluminium to meet specific customer needs. We value our long-standing partnership with Sankyo Tateyama and thank them for their continued trust in EGA.”

Shozo Hirano, President of Sankyo Tateyama, said: “Reducing Scope 3 CO2 emissions from aluminium raw material is a major challenge in achieving carbon neutral. By using CelestiAL-R in addition to CelestiAL, which is supplied by our long time partners EGA and ITOCHU Corporation, we aim to contribute to sustainable and affluent life.”

Scrap for CelestiAL-R is a mix of post-consumer and pre-consumer industrial scrap. All scrap arriving at EGA is tested against 40 different chemical and other property requirements.

Ghana has more than 900 million tonnes of bauxite resources, in one large and two smaller known deposits. Ghana currently produces around 1.5 million tonnes of bauxite per year, with quality resources allowing production expansion. Bauxite is the ore from which aluminium is derived.

Under the agreement, EGA and GIADEC will explore the potential for long-term bauxite offtake arrangements and collaboration on rail and port infrastructure to expand production.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “This aligns well with EGA’s goal of diversifying our sources of upstream supply as we grow our metal production, including in the US as we progress our plans to develop a greenfield primary aluminium production plant as announced during the recent state visit to the UAE of President Trump. EGA is looking to double its bauxite production in the next few years and exploring multiple opportunities worldwide, and Ghana is amongst them.”

The plant is expected to have a production capacity of 600 thousand tonnes of primary aluminium per year, nearly doubling the United States’ production of an essential material for modern life and for national security. Some 85 per cent of the aluminium needs of American industries, from automotive to aviation and construction, are currently met by imports.

Construction of EGA’s American primary aluminium plant is expected to begin after a feasibility study and by the end of 2026, with first hot metal by the end of the decade. EGA is expecting to invest around $4 billion to develop the project.

The primary aluminium production plant will be located in Oklahoma, subject to the finalisation of a competitive long-term power supply for the plant and State and local investment incentives and tax credit arrangements. EGA is in advanced negotiations with Public Service Company of Oklahoma (PSO) and the Oklahoma government.

EGA has already signed an exclusive land option agreement for a site in the industrial park at Tulsa Port of Inola, located in Inola, Oklahoma. Near Tulsa, Oklahoma, the Tulsa Port of Inola is located on the McClellan-Kerr Arkansas River Navigation System (M-KARNS), which is connected to the Mississippi River system and provides for efficient bulk freight movement.

Kevin Stitt, Governor of the State of Oklahoma, said: “We want more goods to be manufactured in Oklahoma and EGA is the perfect partner. My administration has worked closely with the company for over a year to clear the way for the first new primary aluminium production plant in the United States for more than four decades right here in our great state. EGA’s new plant will be the heart of a broader hub for strategic industry in Oklahoma, creating jobs and opportunity for Oklahomans as well as enhancing economic resilience and national security for all Americans.”

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The United States has been an important market for EGA for several decades, and we know there is strong demand for our high-quality metal ‘made in America’. EGA has the skills, technology and capital to start rebuilding this great American industry, and in Oklahoma I am confident we will secure the right conditions to do so. This is an important moment for EGA, and for the economic relationship between the United States and the United Arab Emirates.”

The project is expected to create up to 4,000 local construction jobs at peak. In operation, the aluminium facility is expected to create up to 1,000 direct, permanent local jobs on site.

In addition, the new primary aluminium production plant is expected to spur the development of a new local aluminium-focused industrial hub, with significant further employment and economic opportunities in the upstream supply chain and in new downstream aluminium manufacturing.

EGA is a global leader in aluminium production technology, which the company has developed for more than 35 years. EGA technology will be used to build the new plant.

The United States is already one of EGA’s largest single country markets in the world, with aluminium fabricators using EGA metal across the country. EGA America, the company’s US distributor, is headquartered in St Louis, Missouri.

EGA already has US recycled aluminium production capacity through the company’s 80 per cent shareholding in EGA Spectro Alloys in Rosemount, Minnesota, which was acquired in 2024. EGA is currently investing to expand the current 110 thousand tonnes per year of recycled foundry capacity with 55 thousand tonnes of recycled billet capacity. The expansion is expected to reach first hot metal early in the second half of 2025, with production ramp-up through the remainder of the year.

* After AED 1.8 billion ($488 million) impairment of book value of Guinea Aluminium Corporation. Additionally, the UAE introduced corporate tax at nine per cent of profit from 1 January 2024.

** Leichtmetall was acquired on 3 May 2024, and 80 per cent of Spectro Alloys was acquired on 30 September 2024

United Arab Emirates, 12 March 2025: Emirates Global Aluminium, the largest ‘premium aluminium’ producer in the world, today announced strong financial results for 2024 and low carbon growth.

EGA delivered adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) of AED 9.2 billion ($2.5 billion), up from AED 7.7 billion ($2.1 billion) in 2023, due to higher realised all-in aluminium and bauxite prices and record production of alumina and aluminium, partly offset by higher alumina prices and lower bauxite production. 

The safety of employees and contractors is EGA’s top priority. The total recordable injury frequency rate was the lowest ever for EGA’s UAE operations at 1.05 per million hours worked. However, tragically, a contractor lost his life in a work-related incident at EGA’s Jebel Ali site in June 2024.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said “I am deeply saddened that a colleague lost his life at our site during 2024, and again extend my sincere condolences to his family, friends and colleagues. We engaged an independent, third-party expert to fully investigate this incident, and we have implemented findings from the investigation across our organisation.”

The benchmark London Metal Exchange aluminium price was higher in 2024 than 2023 ($2,392 vs $2,264), due to geopolitical tensions, energy price fluctuations, and speculation on interest rate cuts. Regional premiums were volatile in 2024, and on average were higher than 2023 in Japan and in Europe, and lower in the United States.  Alumina prices were also higher, on operational issues in Australia and India and supply constraints in the bauxite market including from EGA’s Guinea Alumina Corporation. 

For 2025 the volatility in aluminium prices is expected to continue due to tensions in global trade, while the global balance for aluminium is expected to be a 0.5 million tonnes deficit in 2025 according to CRU, supporting prices going forward. The alumina markets are expected to normalise as more capacity is expected to come online in 2025.

Digitalisation contributed some AED 129 million ($35 million) in financial impact with 40 use cases rolled out in 2024, and has achieved AED 452 million ($123 million) in financial impact through more than 80 use cases since the programme launched in 2021. At the start of 2025, EGA was designated an Industry 4.0 global lighthouse by the World Economic Forum, the first industrial company in the UAE and the first aluminium company in the world to achieve this recognition.

On throughput, alumina production was a record 2.54 million tonnes, meeting 49 per cent of EGA’s alumina needs. Production of hot metal rose by 30 thousand tonnes to a record high of 2.69 million tonnes in 2024. Total sales of primary cast metal were 2.74 million tonnes, to 440 customers in more than 55 countries (slightly down from the record 2.75 million tonnes in 2023 due to strategic inventory build-up in global locations to ensure customer security of supply). The share of value-added products, or ‘premium aluminium’, rose from 76 per cent to 82 per cent.

Cost optimisation, higher throughput and higher value-added products sales all contributed to the aluminium segment adjusted EBITDA margin growing from 25 per cent to 27 per cent, placing EGA first amongst global industry peers.

Global demand for low carbon primary aluminium is expected to more than triple by 2040. EGA is continuing to position for growth in low carbon primary production. In 2024, production of CelestiAL solar aluminium grew by 27 per cent to 80 thousand tonnes, including eight thousand tonnes of CelestiAL-R further sweetened with recycled content. EGA’s supply agreement with the BMW group for CelestiAL was extended for the upcoming years.

Supporting EGA’s low carbon primary aluminium growth agenda, EGA and the UAE renewable energy giant Masdar formed an alliance to work together on aluminium decarbonisation and growth. EGA broke ground on pilot reduction cells for the company’s next generation EX smelting technology, which is expected to reduce greenhouse gas emissions intensity by up to 12 per cent while increasing productivity. First hot metal from the pilot reduction cells is expected before the end of the first half of 2025. In addition, EGA was the first company in the UAE to implement a digital tracking system for greenhouse gas emissions to enhance transparency and accelerate decarbonisation.

Global demand for recycled aluminium is expected to double by 2040. During 2024, EGA made material progress in the development of a global aluminium recycling business. In May, EGA completed the acquisition of Leichtmetall, a European specialty foundry focused on the production of hard alloys and large diameter billets with high proportions of secondary aluminium. Leichtmetall produced 11.7 thousand tonnes of secondary aluminium in the period from the acquisition to the end of 2024. Total annual production capacity for Leichtmetall is 30 thousand tonnes.

In September, EGA completed the acquisition of 80 per cent of Spectro Alloys, a leading secondary foundry alloy producer in the United States. Spectro Alloys produced 25.4 thousand tonnes of secondary aluminium from the acquisition to the year-end, with 70 per cent of feedstock post-consumer scrap. Spectro Alloys is implementing an expansion to add 55 thousand tonnes of annual secondary billet capacity in the first phase. Construction completion currently stands at 80 per cent, with first hot metal expected early in the second half of 2025. The expansion will take Spectro Alloy’s total production capacity to 165 thousand tonnes.

EGA is developing the UAE’s largest aluminium recycling facility, in Al Taweelah, with a production capacity of 170 thousand tonnes of secondary billet per year. Construction completion is currently 37 per cent, with first hot metal expected during the first half of 2026.  

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said “During 2024, we significantly advanced our strategy to grow in low carbon aluminium, both laying the foundations for low carbon primary expansion and taking material steps in the development of a global recycling business.  With acquisitions in Germany and the United States, and progress developing the UAE’s largest recycling plant, by the end of 2024 we had 140 thousand tonnes of secondary production capacity on an annualised basis, with a further 225 thousand tonnes of secondary capacity under construction.”

In October 2024, the Government of the Republic of Guinea suspended exports of bauxite from GAC, resulting in a decline from 14.1 million wet metric tonnes of bauxite exports in 2023 to 10.8 million wet metric tonnes in 2024. As a result of this, EGA recorded an impairment on the book value of GAC at the year-end of AED 1.8 billion ($488 million).

Net profit (after the impairment on GAC) was AED 2.6 billion ($715 million) compared to AED 3.4 billion ($937 million) in 2023. The UAE introduced a corporate tax at nine per cent of profit from 1 January 2024.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “We continue to seek a resolution with the Government to resume bauxite mining and exports. In the meantime, we have taken and will continue to take all steps necessary to secure our supplies of raw materials for our alumina refining and smelting operations.”

EGA continues to support economic development in the UAE and, during 2024, sold a record 310 thousand tonnes of primary cast metal to local UAE customers, compared to 293 thousand tonnes in 2023. EGA spent some AED 8.1 billion ($2.2 billion) on procurement of goods and services from local UAE suppliers during 2024, more than 40 per cent of total procurement during 2024.  In addition, at the end of 2024 EGA’s in-focus Emiratisation rate was 44.5 per cent, the highest in the company’s history. EGA’s local metal supply, procurement and employment contributes to Make it in the Emirates and the achievement of the national Operation 300bn industrial growth strategy.

Cash flow generated from operations in 2024 grew more than seven per cent to AED 8.5 billion ($2.3 billion), contributing to net debt to adjusted EBITDA of 1.5x at year-end 2024, compared to 1.8x at the end of 2023. Total debt was AED 16 billion ($4.3 billion) at the end of 2024, compared to AED 16.6 billion ($4.5 billion) at the end of 2023. During 2024, EGA made AED 1.47 billion ($400 million) of scheduled debt repayments and borrowed AED 735 million ($200 million) in green financing for the acquisition of 80 per cent of Spectro Alloys.

Strong cash flow and lower debt supported the total dividends to shareholders of AED 3.67 billion ($1 billion), equal to 2023’s dividends as the largest in EGA’s history.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: “I am proud to be joining Emirates Global Aluminium, and look forward to contributing to operational efficiency, growth in low-carbon aluminium, and continued strong cash returns to our shareholders.”

The expansion project adds 55 thousand tonnes of secondary billet production in the first phase, with first hot metal expected early in the second half of 2025. Full production ramp-up is expected in the first quarter of 2026.

EGA completed the acquisition of 80 per cent of Spectro Alloys in September 2024. The acquisition accelerated EGA’s global expansion into aluminium recycling and expanded EGA’s business in the United States, which is already one of EGA’s largest global markets.

Spectro Alloys is a leading secondary foundry alloy producer in Rosemount, Minnesota. The company currently has a production capacity of around 110 thousand tonnes per year of aluminium ingots.

Spectro Alloys broke ground on the expansion project in 2024.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The completion of the civil works is an important milestone in the expansion of Spectro Alloy’s recycled aluminium production and our ambitions to grow EGA’s recycling business in the United States. The full completion of this project will strengthen our business in the United States, which is already one of our largest markets.”

Luke Palen, President of Spectro Alloys, said: “This increase in capacity and capabilities means Spectro will have a greater impact on recycling rates in Minnesota, on meeting the needs of sustainable manufacturers, and on advancing the increasingly vital circular economy.”

Demand for recycled aluminium in the United States is expected to reach some 7.6 million tonnes per year by 2033, according to CRU, an independent business intelligence organisation. The United States is currently the world’s second biggest recycled aluminium market.

The acquisition means that EGA now has production on four continents, from bauxite mining to aluminium recycling.

Spectro Alloys adds significantly to EGA’s existing business in the United States with domestic metal production. The United States was already one of EGA’s largest global markets. In 2023, EGA sold approximately 550 thousand tonnes of primary aluminium in the country.

Demand for recycled aluminium in the United States is expected to reach some 7.6 million tonnes per year by 2033, according to CRU, an independent business intelligence organisation. The United States is currently the world’s second biggest recycled aluminium market.

EGA has acquired 80 per cent of Spectro Alloys, with the company’s owner-managers retaining a 20 per cent shareholding. Funding of the transaction is in accordance with EGA’s green finance framework which was announced earlier this year.

Spectro Alloys is a leading secondary foundry alloy producer in the United States, with some 110 thousand tonnes of aluminium ingots production. The company is implementing an expansion plan at its Rosemount site that will add around 55 thousand tones per year of secondary billets production capacity in the first, which is expected to be completed in 2025.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Aluminium is an essential material for the development of a more sustainable society, and demand for low carbon primary and recycled aluminium will grow significantly over the decades ahead. Developing a global business in recycling is a key strategic priority for EGA. We are taking rapid and decisive action, now with recycling operations in both the United States and Europe and our greenfield plant in the UAE progressing well. I welcome our new colleagues in Minnesota to EGA.”

Luke Palen, President of Spectro Alloys, said: “Becoming part of EGA is an exciting new chapter in Spectro Alloys’ five decades-long journey. EGA’s global resources and strength in marketing aluminium in the United States will accelerate Spectro’s growth. We are now well-placed to develop even further as a leading recycling company, serving our customers even better, creating more job opportunities for people in Minnesota, and contributing to the production of aluminium products that are both environmentally responsible and Made in America.”

Aluminium is infinitely-recyclable. Recycling aluminium requires 95 per cent less energy than making new metal, generating a fraction of the greenhouse gas emissions. 

In May, EGA acquired European specialty foundry Leichtmetall, and late last year EGA began construction of the UAE’s largest aluminium recycling plant.

The programme was launched in 2022 under the patronage of the UAE Ministry of Economy. EGA Ramp-Up provides practical guidance and training to UAE-based entrepreneurs developing promising businesses that will grow the economy and create new job opportunity.  

Season two concluded with an investor pitch day held at EGA’s headquarters in Al Taweelah in the presence of Her Excellency Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, and Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium.

EGA delivers the programme in partnership with C3, a UAE-based social enterprise that supports entrepreneurs across the region to unlock their growth potential and maximise their positive impact on the community and the environment.

Hundreds of aspiring entrepreneurs took part of EGA Ramp-Up season two. This year’s cohort included 43 per cent women-led and 29 local businesses.

The participants engaged in a series of intensive online courses on effective entrepreneurship. Following the evaluation process, 10 shortlisted entrepreneurs received tailored mentoring and coaching by EGA and C3 mentors on funding and finance fundamentals, business strategy, and sustainability. The finalists included Amp, AR Engineering, BaseTracK, Falcon Robotics, Seramic Materials, StrategyConnect, Takalam, Tenderd, The Surpluss, and TranspRight.

The judging panel selected The Surpluss in first place, Amp, and AR Engineering in second and third place respectively at the investor pitch day.

H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, said: The UAE has always recognised the key role of the private sector and entrepreneurship in driving economic growth, employment creation and sustainable innovation. Today, SMEs account for 95 per cent of the total private sector companies operating in the country, accounting for 86 per cent of private sector employment. As we strive to accelerate the transition to a knowledge economy built on an advanced innovation ecosystem fuelled by collective collaboration, we see this partnership with EGA as a perfect match. The Ministry of Economy remains committed to fostering such collaborations in order to establish the UAE’s position as a true entrepreneurial nation by 2031.”

Her Excellency continued: “The first and second editions of the Ramp-Up programme witnessed strong participation from Emirati entrepreneurs exceeding the total of 124, which reflects the importance of the programme in supporting national entrepreneurship and creating new opportunities for Emirati entrepreneurs. The second edition of the programme contributed particularly to encouraging Emirati women entrepreneurs to establish businesses and launch pioneering projects as they constituted 43% of total number of participants. It provided them an ideal platform to exchange latest experiences and practices in the sector and learn from each other.”

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “We are proud to support the UAE's ambition to foster a culture of innovation and entrepreneurship, which is vital for our nation’s economic diversification and sustainable development. EGA Ramp-Up is a platform that empowers local entrepreneurs to scale-up impactful solutions that can create value for the society and the environment. I congratulate the graduates of season two and look forward to seeing their businesses grow and thrive in the UAE and beyond.”

Kevin Holliday, Managing Director of C3 – Companies Creating Change, shared his excitement about the program's continued success: “The success of our inaugural season laid a solid foundation, and this year, we have built on that momentum to continue fostering the growth of innovative UAE-based startups. The achievements of the second EGA Ramp-Up reflects the powerful synergy and unwavering commitment between EGA and the UAE entrepreneurial ecosystem. We are thrilled to support these startups and are confident in their ability to make significant contributions to the UAE's economic and social progress.”

EGA worked with Autodesk, a leading design and make software provider, to provide training services from technology experts and software grants for eligible startups participating in season two of the programme.

EGA considers EGA Ramp-Up participants’ potential as suppliers to further increase local procurement and support the growth of promising local businesses.

EGA is launching pilot projects with some of the programme finalists to further increase local procurement and support the growth of promising local businesses.

In January 2024, EGA partnered with EGA Ramp-Up 2023 finalist Nadeera to launch an innovative recycling solution in communities near the company’s Jebel Ali plant.

EGA Ramp-Up season three will launch in Q1 2025.

For more information about the EGA Ramp-Up Programme, please visit www.ega.ae/en/ramp-up.

“The first half of 2024 saw our acquisition of Leichtmetall and progress in the development of our recycling plant in the UAE, important first steps in our strategy to grow EGA to meet expanding global demand for low carbon primary and recycled aluminium over the decades ahead. I look forward to further steps before the end of the year.”

Financial highlights of H1 2024:

• Adjusted EBITDA of AED 4.20 billion ($1.14 billion), compared to AED 4.15 billion ($1.13 billion) in H1 2023.
• Net profit of AED 1.84 billion ($500 million), compared to AED 1.96 billion ($533 million) in H1 2023.
• Revenue of AED 13.98 billion ($3.81 billion) compared to AED 14.79 billion ($4.03 billion) in H1 2023.
• Aluminium segment EBITDA margin of 27.5 per cent, compared to 26.9 per cent in H1 2023, leading amongst global industry peers.
• EGA’s net debt to adjusted EBITDA ratio further reduced to 1.6x, compared to 1.8x at year-end 2023. Total debt stood at AED 16.5 billion ($4.5 billion). During the period EGA made a scheduled repayment of AED 102.9 million ($28 million) of GAC debt.

Operational highlights of H1 2024:

• Total Recordable Injury Frequency rate of 1.11 per million hours worked. Tragically, on 17 June, a contractor lost his life in a work-related incident at EGA’s Jebel Ali site.
• Sales of cast metal of 1.30 million tonnes, compared to 1.32 million tonnes in H1 2023.
• Some 82 per cent of metal sales were value-added products or ‘premium aluminium’, compared to 77 per cent in H1 2023.
• Local UAE customers accounted for 149 thousand tonnes, or 11 per cent, of total metal sales.
• Hot metal production of 1.34 million tonnes, compared to 1.32 million tonnes in H1 2023.
• Al Taweelah alumina refinery delivered 1.22 million tonnes of alumina to EGA’s smelters, compared to 1.15 million tonnes in H1 2023.
• Bauxite exports from Guinea increased by five per cent to 7.19 million tonnes, compared to 6.87 million tonnes in H1 2023.
• During the first half, EGA completed the acquisition of Leichtmetall, a European specialty foundry. This was the first strategic acquisition since the formation of EGA through the merger of Dubai Aluminium and Emirates Aluminium in 2014.

United Arab Emirates, 29 August 2024: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer and the biggest industrial company in the United Arab Emirates outside oil and gas, today reported solid financial performance for the first half of 2024 amid sustained global demand for ‘premium aluminium’.

EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) was AED 4.20 billion ($1.14 billion), compared to AED 4.15 billion ($1.13 billion) in the first half of 2023.

Net profit was AED 1.84 billion ($500 million), compared to AED 1.96 billion ($533 million) in the equivalent period of 2023. The UAE introduced a corporate tax at nine per cent of profit from 1 January 2024.

EGA’s aluminium segment adjusted EBITDA margin was 27.5 per cent, compared to 26.9 per cent in the first half of 2023, leading amongst global industry peers.

EGA’s average realised London Metal Exchange aluminium price was $2,303 per tonne, compared to $2,359 per tonne in the first half of 2023. The benchmark London Metal Exchange aluminium price rose in the second quarter including on further restrictions on international trade in Russian metal, and geopolitical tensions. Alumina prices increased towards the end of May, mainly driven by supply disruptions in Australia and India.

In May, EGA completed the acquisition of Leichtmetall, a European specialty foundry. This was EGA’s first strategic acquisition since the formation of the company through the merger of Dubai Aluminium and Emirates Aluminium in 2014.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “EGA continues to deliver competitive financial performance throughout the economic cycle, through our focus on operational excellence, controlling our costs, and our long-term commercial relationships with our global customers."

“The first half of 2024 saw our acquisition of Leichtmetall and progress in the development of our recycling plant in the UAE, important first steps in our strategy to grow EGA to meet expanding global demand for low carbon primary and recycled aluminium over the decades ahead. I look forward to further steps before the end of the year."

“However, safety is our first priority at EGA, and our achievements mean little in the context of a colleague losing his life on our Jebel Ali site. We have investigated this incident thoroughly with an independent third-party expert and shared the findings with our industry. On behalf of everyone at EGA, I again express my deep condolences to our colleague’s family.”

Mohamed Almarzooqi, Acting Chief Financial Officer of Emirates Global Aluminium, said: “Our competitive operational and financial performance has enabled us to further improve our leverage position while delivering great returns for our shareholders. This means we are in a strong position to capitalise on the opportunities from the long-term growth of demand for low carbon primary and secondary aluminium.”

EGA sold 1.30 million tonnes of cast metal in the first half of 2024 to 411 customers in 57 countries, compared to 1.32 million tonnes in the first half of 2023.

Some 82 per cent of metal sales were value-added products or ‘premium aluminium’ compared to 77 per cent in the first half of 2023. EGA focuses on maintaining or growing relative market share in ‘premium aluminium’ in key markets and segments, while also optimising the EBITDA contribution of VAP sales. During the period, demand for billets was up 18 per cent year-on-year.

EGA sold 149 thousand tonnes of metal to local customers in the UAE, compared to 148 thousand tonnes in the first half of 2023. EGA’s metal supply supports the development of downstream industries in the UAE, further enhancing EGA’s contribution to the achievement of the UAE’s Operation 300bn industrial growth strategy.

During the first half, EGA produced 1.34 million tonnes of hot metal at its smelters in Al Taweelah and Jebel Ali, compared to 1.32 million tonnes in the first half of 2023. Heavy rains in April led to production opportunity losses of less than five thousand tonnes. In April, the H-class gas turbine at Jebel Ali entered a forced shutdown, which was resolved in July. The unavailability of this turbine reduced production in the first half by three thousand tonnes of hot metal. 

Al Taweelah alumina refinery produced 1.22 million tonnes of alumina during the first half of 2024, compared to 1.15 million tonnes in the equivalent period last year.

EGA’s bauxite mining subsidiary Guinea Alumina Corporation exported 7.19 million tonnes of bauxite, the ore from which aluminium is derived, compared to 6.87 million tonnes in the first half of 2023.

During the first half of 2023, EGA made progress on the development of the UAE’s largest aluminium recycling plant, in Al Taweelah. The project is progressing ahead of plan with first hot metal expected in 2026. On completion, the recycling plant will have a capacity of 170 thousand tonnes of secondary billets per year.

In June, EGA published a Green Finance Framework to support decarbonisation projects and initiatives that contribute to the transition to a low-carbon economy. The acquisition of Leichtmetall earlier in the period was fully funded with EGA’s first green loan facility.

On 17 June, a contractor tragically lost his life in an incident with a moving vehicle at EGA’s Jebel Ali site. EGA engaged an independent third-party expert to fully investigate this incident. EGA’s Total Recordable Injury Frequency Rate (a broad measure of safety which includes minor incidents) was 1.11 per million hours worked in the first half of 2024, compared to 1.55 per million hours worked in the equivalent period in 2023.

The acquisition, which is subject to obtaining regulatory approvals, will accelerate EGA’s global expansion into aluminium recycling and expand EGA’s business in the United States.

Spectro Alloys is a leading secondary foundry alloy producer in the United States, founded in 1973, and based in Rosemount, Minnesota. The company has a production capacity of around 110 thousand tonnes per year of aluminium ingots, with a carbon intensity of less than one tonne of CO2 equivalent per tonne of aluminium produced.

Earlier this year, Spectro Alloys broke ground on an expansion project at its Rosemount site that will add approximately 55 thousand tonnes per year of secondary billet production capacity in the first phase, which is expected to be completed in 2025.

EGA intends to acquire 80 per cent of Spectro Alloys. The current owner-managers will retain a 20 per cent shareholding. EGA and Spectro Alloys have signed an equity purchase agreement and the transaction is expected to close during the third quarter of 2024.

In May, EGA acquired European specialty foundry Leichtmetall, and late last year EGA began construction of the UAE’s largest aluminium recycling plant.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “EGA is the biggest ‘premium aluminium’ producer in the world and 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. In the United States, which is already one of EGA’s largest global markets, this acquisition will significantly grow our business and expand our offering to customers with domestic production. Spectro Alloys has a strong and highly experienced team which is already implementing ambitious expansion plans, and will be a strong platform for the further development of an EGA recycling business in the United States. I look forward to working with Spectro Alloys’ team.” 

Luke Palen, President of Spectro Alloys, said: “We have grown Spectro Alloys over the last five decades into one of the United States’ top aluminium recycling companies. By becoming part of EGA, the largest ‘premium aluminium’ producer in the world, we will unlock the next stage of our development in the fast-growing aluminum recycling industry. In the near term, this will allow us to accelerate our ongoing expansion project. In the long term, this is a big win for the future of aluminum recycling in the United States.”

The United States currently consumes some 4.9 million tonnes of recycled aluminium annually, accounting for half of all aluminium demand in the country and making the United States the second largest recycled aluminium market in the world. Demand for recycled aluminium in the United States is expected to reach some 7.6 million tonnes per year by 2033, according to CRU, an independent business intelligence organisation.

EGA sold approximately 550 thousand tonnes of primary aluminium in the United States in 2023.

Spectro Alloys currently supplies more than 125 customers, primarily in the Upper Midwest and Texas. Almost half of Spectro Alloys’ production is used in the automotive sector. Spectro Alloys sells to semi-fabricators, who in turn supply blue-chip end-user companies. Other important sectors for Spectro Alloys include small engine manufacturing, construction, and recreational vehicles.

Spectro Alloys sources aluminium scrap from more than 250 scrap suppliers in the region, and uses advanced sorting and analysis technology to produce the wide variety of alloys required by the company’s customers.

Market analysts expect global demand for recycled aluminium to double by 2040. Recycled aluminium is expected to account for around 60 per cent of the growth in global aluminium supply between now and 2030, and around 70 per cent of supply growth between 2030 and 2040.

The shipment, in a Capesize ship, is carrying bauxite mined by EGA subsidiary Guinea Alumina Corporation to a customer in China.

LNG-fuelled ships can achieve up to 28 per cent lower greenhouse gas emissions on a tank-to-wake basis compared to vessels using traditional marine bunker fuel, according to SEA-LNG, a multi-sector industry coalition. The global shipping industry as a whole was responsible for over two per cent of the word’s greenhouse gas emissions in 2022, according to the International Energy Agency.

The bauxite shipment is onboard the Ubuntu Empathy, an LNG dual-fuelled vessel operated by Anglo American and chartered by EGA. The vessel is one of Anglo American’s 10-strong chartered fleet of lower emission LNG dual-fuelled vessels. 

Capesize vessels are amongst the largest bulk cargo carriers in the world, and are up to 300 metres long – the length of two football fields – and 50 metres wide. Capesize vessels can carry around 180 thousand tonnes of bauxite ore.

EGA predominantly uses Capesize vessels to ship bauxite ore from the Republic of Guinea to the company’s alumina refinery in Abu Dhabi and to third-party customers around the world. Last year, EGA exported some 14.1 million wet metric tonnes of bauxite from Guinea.

Bauxite is the ore from which aluminium is derived.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Aluminium plays an essential role in decarbonisation economy-wide. It is also important how sustainably aluminium is produced, and this includes the transportation around the world of millions of tonnes of raw materials. Our approach to decarbonisation is comprehensive and extends beyond our operations to include everything from supply chain to financing. LNG-fuelled cargos are one way for us to reduce our emissions, and we are proud to pioneer this fuel for shipping bauxite. Our goal is to reach net zero by 2050, including from our supply chain, and help meet the increasing global demand for the low carbon aluminium.”

EGA’s bauxite mining subsidiary GAC makes EGA one of the biggest merchant bauxite suppliers in the world. GAC began production in 2019.

EGA was the first aluminium producer and the first Middle East company to join global shipping and maritime sustainability initiative, the Sea Cargo Charter, in 2023.

In 2022, EGA signed an agreement with one of its shipping partners, “K” Line to develop and implement new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes in the eastern Atlantic Ocean, Mediterranean Sea and Indian Ocean.

A green finance framework defines eligibility and governance mechanisms for financing from third-party institutions and funds that prioritise sustainability in their capital allocation, among other sources.

Publishing the framework advances EGA’s sustainability goals by enabling access to a more diverse range of funding options for loans and bonds, potentially lowering the cost of borrowing while ensuring increased transparency.

Citi and ING acted as the lead sustainability structuring banks and First Abu Dhabi Bank (FAB) acted as the sustainability structuring bank to support EGA in the framework’s development.

EGA has publicly committed to reaching net zero greenhouse gas emissions by 2050, in line with the UAE Net Zero by 2050 strategic initiative.

Aluminium demand is expected to grow worldwide by between 50 per cent and 80 per cent by 2050. Recycled and low-carbon primary aluminium are expected to account for around 60 per cent of supply growth between now and 2030, and around 70 per cent of supply growth between 2030 and 2040.

EGA completed the acquisition of Leichtmetall in May. Leichtmetall uses renewable energy to produce up to 30,000 tonnes per year of aluminium billets at its plant in Germany, with secondary aluminium comprising some 80 per cent of the input material.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The aluminium EGA produces plays an essential role in the development of a more sustainable society. It is also important how sustainably it is produced. This is both an enormous opportunity and a significant challenge for EGA and our wider industry. Our Green Finance Framework enables us to access a deeper pool of liquidity to finance projects and initiatives that advance our decarbonisation goals. Our use of green financing for our recent acquisition of Leichtmetall is another first for EGA in our sustainability journey.”

Separately, in 2023, EGA rolled out the first ESG-linked supply chain finance programme in the UAE’s manufacturing sector to advance sustainability in its supply chain. The programme has provided some $73 million in financing to EGA’s suppliers since October last year.

In 2022, EGA was among the first in the region to open sustainable corporate bank accounts, which ensure cash balances are used to finance or refinance sustainability initiatives elsewhere in the economy. Over the past 20 months, EGA has deposited some $76 million in total in these accounts, maintaining an average cash balance of $25 million.

EGA announced its intention in March to acquire Leichtmetall from Leichtmetall Holding GmbH, a subsidiary of an investment fund managed by Quantum Capital Partners GmbH. The transaction has now cleared all required regulatory approvals and closing conditions. 

EGA’s new German operation is a European specialty foundry that uses renewable energy to produce up to 30 thousand tonnes per year of billets, with secondary aluminium as some 80 per cent of input material.

Production at Leichtmetall includes hard alloys and larger diameter billets up to 1,150 millimetres, with uses including manufacturing high load bearing extruded profiles and very large forged components.

Leichtmetall adds to EGA’s existing business in Europe. EGA already exports over 600 thousand tonnes of primary aluminium to the European continent each year, and is a significant supplier for industries including automotive and construction.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “I am pleased to welcome our new Leichtmetall colleagues in Hannover to EGA. Becoming part of the biggest ‘premium aluminium’ producer in the world will give Leichtmetall new strength for its customers and to grow. For EGA, today is an important early milestone in our drive to build an aluminium recycling business in Europe, where we are already a major primary aluminium supplier, and around the world.”

Thomas Witte, Chief Executive Officer of Leichtmetall, said: “This is an exciting moment for Leichtmetall, as we join forces with one of the biggest and most ambitious aluminium producers in the world and a major aluminium supplier in Europe. I am confident that as part of EGA we will be able to serve our customers even better, and develop our business further.”

Market analysts expect global demand for recycled aluminium to double by 2040. Recycled aluminium is expected to account for around 60 per cent of the growth in global aluminium supply between now and 2030, and around 70 per cent of supply growth between 2030 and 2040.

Aluminium is infinitely-recyclable. Recycling aluminium requires 95 per cent less energy than making new metal, generating a fraction of the greenhouse gas emissions.  

The acquisition of Leichtmetall is EGA’s first major transaction since the company’s formation a decade ago through the merger of Dubai Aluminium and Emirates Aluminium.

Abu Dhabi, United Arab Emirates; 17 April 2024: Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s largest clean energy companies, and Emirates Global Aluminium (EGA), the largest ‘premium aluminium’ producer in the world, agreed an alliance to work together on aluminium decarbonisation and low-carbon aluminium growth opportunities.

The signing was witnessed by His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar.

Masdar and EGA will explore the joint development of renewable energy projects, with potential battery storage and green hydrogen production and storage, to support the decarbonisation of EGA’s existing operations in the UAE, and any future operations in the country.

The two companies will also work together internationally to find opportunities through which Masdar will support EGA to power new aluminium production facilities with renewable energy sources.

Masdar is a global leader in renewable energy and the UAE’s flagship clean energy company. It develops and operates utility-scale renewable energy projects around the world.

Aluminium production is energy-intensive, and generating the electricity required using fossil fuels accounts for about 60 per cent of the global aluminium industry’s greenhouse gas emissions.

Mohamed Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is proud to be collaborating with EGA to help decarbonise the aluminium production process. Strong partnerships such as this are exactly what the world needs to accelerate our path to Net Zero.  When organisations combine their knowledge and resources to help decarbonise vital industries, we not only protect the environment but we also boost the economy. This is core to our mission at Masdar. We look forward to developing further compelling propositions for international markets to maximise the economic benefits of using renewable energy.”

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Aluminium plays an essential role in decarbonisation economy-wide, which is why demand for this metal has the potential to grow by as much as 80 per cent by 2050. Fulfilling this potential depends on how sustainably aluminium is made. EGA’s alliance with Masdar, another UAE industrial champion and a global leader in clean energy, should unlock opportunities to decarbonise our existing operations including further expanding our production of CelestiAL solar aluminium, and secure low-carbon growth. We are already exploring opportunities together, and I look forward to working with Masdar both in the UAE and around the world.”

EGA produces one-in-every 25 tonnes of aluminium made worldwide. The company’s metal is the biggest made-in-the-UAE export after oil and gas and is shipped to more than 50 countries.

In 2021, EGA became the first company in the world to make aluminium commercially using solar power, producing almost 39 thousand tonnes that year. In 2023, EGA produced some 66 thousand tonnes of CelestiAL solar aluminium.

Established in 2006, Masdar is the UAE’s clean energy powerhouse. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW. Masdar is committed to achieving at least 100 GW of total renewable energy capacity by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

Leichtmetall is a European specialty foundry, with production including hard alloys and larger diameter billets with high proportions of secondary aluminium.

EGA is to acquire 100 per cent of the firm from Leichtmetall Holding GmbH, a subsidiary of an investment fund managed by Quantum Capital Partners GmbH. The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.

The landmark transaction is EGA’s first major acquisition since EGA was formed through the merger of Dubai Aluminium and Emirates Aluminium a decade ago.

Leichtmetall uses renewable energy at its plant in Hannover, Germany, to produce up to 30 thousand tonnes per year of aluminium billets with secondary aluminium as some 80 per cent of input material.

The company uses proprietary inductive melting technology, liquid metal treatment and casting processes developed over more than four decades to make, from scrap metal, very high quality and specification products used in demanding applications. Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter, with uses including manufacturing high load bearing extruded profiles and very large forged components.

Leichtmetall has customers across Europe, and particularly in Germany, Italy and France.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “This acquisition provides EGA a platform to develop a recycling business close to our customers in Europe, contributing to the emerging circular economy and building on our existing position as one of the biggest importers of primary aluminium on that continent. Leichtmetall will grow as part of EGA. The acquisition of Leichtmetall adds significant value to EGA and, alongside the recycling facility we are building in Abu Dhabi, is just the first step for EGA in capturing growth opportunities worldwide in low carbon primary and recycled aluminium, expanding our business and enabling us to reach net zero greenhouse gas emissions by 2050.”

Adel Abubakar, Chief Marketing Officer of Emirates Global Aluminium, said: “The acquisition of Leichtmetall greatly enhances our ability to meet European high-end aluminium demand, operationally and commercially, as well as contributing to our carbon emissions reduction aspirations. Leichtmetall and the 170 thousand tonnes per year aluminium recycling facility we are building in the UAE are together a strong combination which will be part of shaping the future EGA, enabling us to support our global customers in meeting their future carbon intensity and properties requirements for their metal.”

Thomas Witte, Chief Executive Officer of Leichtmetall, said: “Becoming part of EGA, the largest ‘premium aluminium’ producer in the world, will unlock additional capital and resources for Leichtmetall to grow our business further, continue developing our technology, and strengthen our ability to partner with international customers in Europe and beyond. This transaction is great news for our existing customers and will help us secure new opportunities, while playing a key role in the growth of EGA’s wider recycling business.”   

Steffen Görig, Chief Executive Officer of Quantum Capital Partners GmbH (QCP), said: “As a manager of specialty carve-out investment funds, our job is to enable high potential companies like Leichtmetall to develop and prosper. When Leichtmetall came under our wing 10 years ago, it was an overlooked operation with a limited customer base. Under Quantum Capital Partners ownership and Thomas Witte’s extraordinary leadership, Leichtmetall has developed into an innovative, sustainable supplier of speciality products that are highly-valued across multiple industries. Leichtmetall’s slogan is ‘making aluminium stronger’. With this transaction, we are making Leichtmetall stronger, trusting EGA to take the company to the next level.”

Aluminium is infinitely-recyclable. Recycling aluminium requires 95 per cent less energy than making new metal, and results in a fraction of the greenhouse gas emissions of primary aluminium production.

Market analysts expect global demand for recycled aluminium to grow from some 27 million tonnes per year in 2022 to 57 million tonnes in 2040. Recycled aluminium is expected to account for around 60 per cent of the growth in global aluminium supply between now and 2030, and around 70 per cent of supply growth between 2030 and 2040.

EGA currently exports over 600 thousand tonnes of primary aluminium to Europe each year. EGA is a significant supplier in Europe for industries including automotive and construction.

Last year, EGA announced the start of construction of the UAE’s largest aluminium recycling plant in Al Taweelah with production capacity of 170 thousand tonnes per year. The new facility will supply local and global markets with low carbon metal under the product name RevivAL.

EGA was the first company to produce aluminium commercially using solar power, starting in 2021. In 2022, EGA produced 57 thousand tonnes of CelestiAL. EGA already sweetens some of CelestiAL with recycled metal in its existing production facilities. BMW Group is the first customer for this metal which is called CelestiAL-R.

EGA has publicly committed to reaching net zero greenhouse gas emissions by 2050, in line with the UAE’s Net 50 by 2050 Strategic Initiative.

• Revenue of AED 29.5 billion ($8.0 billion) for 2023 compared to AED 34.6 billion ($9.4 billion) for 2022, driven by lower global benchmark prices for aluminium, offset by EGA with increased production and sales volume. 
   
• Adjusted EBITDA of AED 7.7 billion ($2.1 billion), compared to AED 12.4 billion ($3.4 billion) in 2022, with decline due to global aluminium market offset by EGA with better operational efficiency and cost discipline.
   
• Net profit of AED 3.4 billion ($937 million), compared to AED 7.4 billion ($2.0 billion) in 2022.
   
• Cash generated from operating activities of AED 7.9 billion ($2.2 billion), compared to AED 12.7 billion ($3.4 billion) in 2022.
   
• Aluminium segment EBITDA margin of 25 per cent, compared to 35 per cent in 2022, leading major industry peers.
   
• EGA’s net debt to adjusted EBITDA was 1.8x at year-end 2023. Total debt stood at AED 16.6 billion ($4.5 billion) at the end of 2023, reduced from AED 19.7 billion ($5.4 billion) at the end of 2022. During 2023, EGA pre-paid $800 million of corporate debt in addition to scheduled repayments of debt at Guinea Alumina Corporation.
   
• EGA’s Najah transformation programme delivered AED 2.6 billion ($696 million) in cost and revenue improvements during 2023.
   
• Total dividends to shareholders maintained at AED 3.7 billion ($1 billion), equal to 2022 dividends as largest in EGA’s history.
   

Operational highlights of 2023

• Amongst the best safety performance in EGA’s history, with lowest-ever Total Recordable Injury Frequency Rate (a measure of all incidents including those not requiring time of work) of 1.29 per million hours worked. There was one Lost Time Injury at EGA during 2023, which was fully-recoverable.
   
• Record sales of cast metal of 2.75 million tonnes (2022: 2.72 million tonnes). 76 per cent of EGA’s metal sales was value-added products (78 per cent in 2022).
   
• Sales to local UAE customers of 293 thousand tonnes of cast metal (2022: 268 thousand tonnes).
   
• Record production of hot metal of 2.66 million tonnes (2022: 2.65 million tonnes).
   
• Record production of alumina of 2.48 million tonnes (2022: 2.43 million tonnes). EGA’s Al Taweelah alumina refinery met 48 per cent of EGA’s alumina needs in 2023.
   
• Record production of CelestiAL solar aluminium of 66 thousand tonnes (2022: 57 thousand tonnes).
   
• Record exports of bauxite from Guinea of 14.1 million wet metric tonnes (2022: 14 million wet metric tonnes).
   
• During 2023, EGA’s Board approved the construction of the UAE’s largest aluminium recycling plant in Al Taweelah.
   

United Arab Emirates, 5 March 2024: Emirates Global Aluminium, the biggest industrial company in the United Arab Emirates outside oil and gas, today reported competitive financial results for 2023, with production records at every step of the company’s value chain.

Despite the global aluminium market retreating from the record highs of 2022, EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) for 2023 were AED 7.7 billion ($2.1 billion).

EGA maintained its total dividend pay out to shareholders at AED 3.7 billion ($1 billion) for 2023, equal to 2022’s record dividends.

EGA’s revenue was AED 29.5 billion ($8.0 billion) on lower global benchmark aluminium prices offset by increased production and higher global bauxite prices. This compared to AED 34.6 billion ($9.4 billion) in 2022. Cash generated from operating activities was AED 7.9 billion ($2.2 billion), compared to AED 12.7 billion ($3.4 billion) in the previous year.

EGA’s Najah transformation programme (‘Najah’ is an Arabic word meaning ‘success’), delivered AED 2.6 billion ($696 million) in recuring cost and revenue improvements during 2023. Since the programme’s launch in 2020, Najah has delivered AED 8.8 billion ($2.4 billion) in EBITDA improvements.

EGA’s smelting segment adjusted EBITDA margin was 25 per cent (2022: 35 per cent), leading major industry peers.

EGA’s net profit was AED 3.4 billion ($937 million), compared to AED 7.4 billion ($2.0 billion) in 2022.

EGA’s exports of bauxite and production of alumina and hot metal were all the highest-ever.

Bauxite exports from the Republic of Guinea increased to 14.1 million wet metric tonnes, from 14 million tonnes in 2022. Some 1.2 million tonnes of bauxite was supplied to EGA in the UAE, with the balance sold to external customers making EGA one of the world’s largest merchant bauxite suppliers.

Al Taweelah alumina refinery continued to creep production beyond its nameplate capacity, with 2.48 million tonnes of alumina produced in 2023 (2022: 2.43 million tonnes). Al Taweelah alumina refinery met 48 per cent of EGA’s total alumina needs in the year.

EGA’s smelters at Al Taweelah and Jebel Ali produced 2.66 million tonnes of hot metal, compared to 2.65 million tonnes in 2022. Average metal purity was the highest ever. EGA produced 205 thousand tonnes of super high purity and high purity metal during the year, high value products required for industries including aviation and electronics.

EGA’s total metal sales were a record 2.75 million tonnes (2022: 2.72 million tonnes). 76 per cent of EGA’s metal sales was value-added products (78 per cent in 2022). EGA supplied some 423 customers in over 50 countries.

EGA metal sales included 293 thousand tonnes supplied to local customers in the UAE, up from 268 thousand tonnes in 2022 and reflecting the relative strength of the UAE economy.

The average realised London Metal Exchange price for EGA’s metal was $2,264 per tonne, compared to $2,715 per tonne in 2022. The global aluminium benchmark price is closely correlated to the health of the global economy. 

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “In 2023, EGA again delivered strong performance in what we control – the safety of our people, operational excellence, our costs, and our long-term commercial relationships with our global customers. This enabled us to continue to deliver competitive financial results compared to our global peers, and record-equalling dividends for our shareholders.

“Global aluminium prices were lower than in 2022, amid a less robust economy. However, prices remained higher than historic annual averages for the eight years before the pandemic.

“We believe the outlook for aluminium in the long term is very positive, because our metal is an essential material for the development of a more sustainable society. Global aluminium demand is expected to grow significantly over the coming decades, particularly for low carbon and recycled metal. EGA is well set to capitalise on these growth opportunities and further strengthen our position in the global aluminium industry.” 

Ziad Fares, Acting Chief Financial Officer of Emirates Global Aluminium, said: “Over the past four years we have transformed our business, delivering $2.4 billion in cost and revenue improvements. Over the same period, we have reduced our total debt burden by $3.3 billion while delivering healthy dividends to our shareholders.

“The global aluminium industry is now poised several decades of growth, helping the world meet the needs of the energy transition while improving global living standards. With our healthy balance sheet, EGA is in a leading position to capture an ambitious share of this growth.”

During 2023, EGA prepaid AED 2.9 billion ($800 million) of corporate debt in addition to scheduled repayments at Guinea Alumina Corporation. Total debt stood at AED 16.6 billion ($4.5 billion) at the end of 2023, a net debt to adjusted EBITDA ratio of 1.8 times and compared to AED 19.7 billion ($5.4 billion at the end of 2022.

EGA produced 66 thousand tonnes of CelestiAL solar aluminium during 2023 (2022: 57 thousand). BMW Group remained the largest customer for this low carbon metal. During 2023, almost all the CelestiAL supplied to BMW Group was CelestiAL-R – solar aluminium further sweetened with recycled metal.

During 2023, EGA’s Board approved the construction of the UAE’s largest aluminium recycling facility in Al Taweelah. The 170 thousand tonnes per year facility is expected to be built within three years, and will supply recycled metal under the product name RevivAL.

EGA’s Total Recordable Injury Frequency Rate (a broad measure of safety which includes minor incidents that do not require time off work) was the lowest-ever at 1.29 per million hours worked. There was one Lost Time Injury at EGA during 2023, and the employee fully recovered. EGA’s safety performance is significantly better than global industry benchmarks.

The Alumina Industrial Company, established by the Maithan Group and Bathwal Corporation, intends to develop the UAE’s first complex to make speciality products from alumina in Khalifa Economic Zone Abu Dhabi. These products have widespread applications in refractories and abrasives for industrial applications.

The project requires a local source of alumina, and EGA is the only UAE producer. The supply agreement is the first time EGA has sold alumina from its refinery to a third-party, extending EGA’s support to industrial expansion in the country. Alumina is the main feedstock for aluminium smelters. All the production from EGA’s Al Taweelah alumina refinery is currently used in EGA’s smelters.

EGA’s supply of alumina to the project is a further expansion of EGA’s local commercial sales that enable downstream industrial activity. EGA sells some 10 per cent of its metal in the UAE, to 26 companies that make everything from car parts to window frames for local use and global export.

Operation 300bn aims to develop the UAE’s industrial sector and enhance its role in stimulating the national economy. It aims to more than double the industrial sector’s contribution to the GDP to AED 300 billion by 2031.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Driving sustainable economic growth is one way we fulfil EGA’s purpose - Together, innovating aluminium to make modern life possible. This commercial agreement to supply alumina to a new industry under development in the UAE further expands our contribution to industrialisation and prosperity in our nation, in line with the goals of Operation 300bn.”

Nikunj Bathwal, Director of The Alumina Industrial Company, said: “Enabled by EGA’s alumina supply and leveraging the world class infrastructure of UAE, we are creating a unique alumina derivatives platform that will support existing industries in the UAE, and potentially lead to the development of further new industrial operations in the country.”

The Alumina Industrial Company plans to develop a plant in KEZAD with a production capacity of 80 thousand tonnes per year of specialised alumina products, with the potential to expand to 150,000 tonnes annually.

The project is expected to create 200 jobs in construction and 150 permanent roles once in operation. First production is expected in 2025.

The plant’s production is expected to replace some imports required in supply chains of UAE industries ranging from steel, aluminium, petrochemicals, glass to cement. Refractories are ceramic materials that are resistant to very high temperatures, and are used to line hot surfaces in many industrial processes.

EGA itself requires refractories in some of its industrial processes. The Alumina Industrial Company’s project could potentially supply a significant proportion of this need, further increasing EGA’s local procurement.

EGA’s Al Taweelah alumina refinery began production in 2019, after an investment in its development of some $3.3 billion. The refinery converts bauxite ore into alumina, the feedstock for aluminium smelters.

In 2022, Al Taweelah alumina refinery produced 2.43 million tonnes of alumina, significantly exceeding its original design capacity and meeting 47 per cent of EGA’s total alumina needs.

EGA's already supplies some alumina hydrate, a precursor product of alumina, to domestic and international producers of aluminium fluoride, which is used in aluminium smelting, welding applications and ceramic glazes and enamels.

Refractories are insulating materials required for industrial processes that operate at above 800°C. Abrasives are form of high-purity alumina essential for metal production, industrial polishing and abrasive compounds.

Launched in November last year under the patronage of the Ministry of Economy, EGA Ramp-Up focuses on entrepreneurs whose business ideas are based on application of science and technology to progress sustainability.

The programme received hundreds of applications from aspiring UAE-based entrepreneurs who engaged in a series of online courses on effective entrepreneurship led by C3 – Companies Creating Change.

Following the evaluation process, eight innovative startups were selected to take part in the Investor Pitch Day at EGA’s headquarters in Al Taweelah. The diverse group of young founders representing business hailing from growing sectors presented their innovative businesses ideas to a distinguished judging panel. The finalist startups included Circa Biotech, FortyGuard, MindTales, Nadeera, Olive Gaea, SecuriCIP, Solumar, and Verofax.

The judging panel selected Solumar, FortyGuard and Verofax in the first, second and third place respectively.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Our goal with EGA Ramp-Up is to make a further contribution to the UAE’s economic diversification and development by supporting innovative young entrepreneurs to launch their impact-driven and sustainability-focused businesses. We hope our support will enable these companies to thrive, and that some may even go on to become EGA suppliers, further increasing our local procurement and supporting Make it in the Emirates and the achievement of the UAE’s Operation 300bn industrial growth strategy.”

As part of the Entrepreneurial Nation strategy, EGA Ramp-Up supports the achievement of the Centennial 2071 goal of increasing entrepreneurship in the UAE.

“These startups represent some of the most promising talent in the UAE, and C3 is thrilled to have partnered with EGA to equip them with the tools needed to accelerate their businesses. Through our tailored mentorship programme, we have nurtured their growth trajectory, enabling them to create lasting impact,” said Kevin Holliday, Managing Director of C3 - Companies Creating Change.

EGA is launching pilot projects with some of finalists to further increase local procurement and support the growth of promising local businesses.

EGA made a direct, indirect and induced contribution of some $7.19 billion in 2022, supporting almost 48,000 jobs.

EGA spends around $1.7 billion on goods and services from UAE companies each year, some 45 per cent of the company’s total global procurement spend.

EGA will launch the next round of EGA Ramp-Up in Q4 2023.

For more information about the EGA Ramp-Up Programme, please visit www.ega.ae/en/ramp-up.

The innovative programme is a first for EGA and in the broader manufacturing sector in the UAE.

The programme will contribute towards improving the sustainability of the UAE aluminium sector by incentivising existing and new suppliers to adopt and invest in sustainable practices, technologies and materials that are aligned with EGA’s sustainability goals and demonstrably improve their own sustainability performance.

Supply chain financing enables suppliers to access payment early and is an increasingly popular way to manage working capital. EGA suppliers have accessed some USD 1.5 billion of supply chain financing through other EGA-facilitated programmes since the start of 2022.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The aluminium EGA produces plays a key role in the development of a more sustainable society worldwide. We recognise that it also matters how sustainably aluminium is made. This includes the production of the goods and services we need. Innovative financing mechanisms, such as the ESG-linked supply chain programme with Emirates NBD, are an important way for us to accelerate sustainability progress by our suppliers.”

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD said: “We are pleased to partner with EGA to unveil a pioneering ESG-linked Supply Chain Finance programme in the manufacturing sector. At Emirates NBD, we are committed to introducing new and innovative ESG-linked solutions for our clients and look forward to expanding the use of our Sustainable SCF programme in the region to guide our clients in the transition towards a more environmental-friendly business framework. As we embrace the Year of Sustainability in the UAE, these efforts reaffirm our dedication to drive positive environmental change aligning with the nation's ambitious Net Zero By 2050 Strategic Initiative. As the UAE prepares to host COP28, initiatives such as these will allow us to actively shape a more sustainable tomorrow for the MENAT region and beyond.”

EGA has some 3,300 active suppliers in the UAE and around the world. All are required to demonstrate compliance with the EGA’s Responsible Sourcing Standard, which details expectations on environmental, social and governance performance in line with OECD principles and the Aluminium Stewardship Initiative’s Performance Standard. EGA conducts a programme of due diligence and audits to verify sustainability performance, and works closely with critical suppliers to support continuous improvement.

EGA spends around USD 1.7 billion on goods and services each year from local UAE suppliers, accounting for 45 per cent of the company’s total global procurement spend. EGA is actively working to grow its local supply chain further in line with the UAE’s Operation 300bn industrial growth strategy and ‘Make it in the Emirates’.

“I am confident we will continue to be competitive in the second half, as we benefit from our multi-year drive to maximise our revenue and minimise our costs, our focus on operational excellence, and our partnerships with our global customers.”

Financial highlights of H1 2023

• Adjusted EBITDA of AED 4.2 billion ($1.1 billion), compared to AED 7.6 billion ($2.1 billion) in H1 2022.
• Net profit of AED 2.0 billion ($533 million), compared to AED 5.9 billion ($1.6 billion) in H1 2022.
• Revenue of AED 14.8 billion ($4 billion) compared to AED 18.3 billion ($5 billion) in H1 2022.
• Aluminium segment EBITDA margin of 27 per cent, compared to 41 per cent in H1 2022, continuing to lead major global peers.
• EGA made an AED 2.9 billion ($800 million) corporate debt pre-payment during the first half of 2023. This continues EGA’s deleveraging strategy to strengthen the company’s balance sheet for future growth. EGA has now pre-paid AED 9.4 billion ($2.6 billion) in total since mid-2021. EGA’s outstanding corporate debt is currently AED 14.4 billion ($3.9 billion), while GAC has outstanding project financing of AED 2.3 billion ($614 million).  EGA’s net debt to adjusted EBITDA ratio was 1.6x at the end of June 2023.
   

Operational highlights of H1 2023

• Total Recordable Injury Frequency rate of 1.55 per million hours worked. There was one Lost Time Injury in the period, with the employee now fully recovered.
• Sales of cast metal increased by 1 per cent to 1.32 million tonnes, compared to 1.31 million tonnes in the first half of 2022.
• Sales of value-added products or ‘premium aluminium’ decreased 5 per cent to 1.02 million tonnes from 1.07 million tonnes in H1 2022. ‘Premium aluminium’ accounted for 77 per cent of total sales, compared to 82 per cent in H1 2022, amid lower demand for extrusion billets. EGA focused on optimising EBITDA contribution from sales through opportunistic non-VAP metal sales into global markets at strong premiums while maintaining or growing relative market share in ‘premium aluminium’ in key markets and segments.  
• Local UAE customers accounted for 148 thousand tonnes, or 11 per cent, of total metal sales.
• Al Taweelah alumina refinery delivered 1.15 million tonnes of alumina to EGA’s smelters (H1 2022: 1.15 million).
• Bauxite exports from Guinea increased by 6 per cent to 6.87 million tonnes, compared to 6.49 million tonnes in H1 2022. 

United Arab Emirates, 31 August 2023: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer and the biggest industrial company in the United Arab Emirates outside oil and gas, today reported competitive financial performance for the aluminium sector in the first half of 2023 as market conditions moderated.

EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) in H1 2023 was AED 4.2 billion ($1.1 billion), compared to AED 7.6 billion ($2.1 billion) in H1 2022 and AED 4.8 billion ($1.3 billion) in H2 2022.

EGA’s net profit was AED 2.0 billion ($533 million), compared to AED 5.9 billion ($1.6 billion) in H1 2022. Net profit in H2 2022 was AED 1.5 billion ($409 million) as EGA recognised an impairment on Guinea Alumina Corporation of AED 1.1 billion ($288 million).

EGA’s aluminium segment adjusted EBITDA margin was 27 per cent, continuing to lead global industry peers. In the exceptional market conditions of the first half of 2022, EGA’s adjusted EBITDA margin was 41 per cent. In H2 2022 it was 28 per cent.

EGA’s average realised London Metal Exchange price for its aluminium was $2,359 per tonne compared to $3,063 per tonne during H1 2022 and $2,392 per tonne during H2 2022.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium: “At EGA we aim to achieve performance that is competitive for our sector throughout the economic cycle. In the first half of 2023 that is what we did - delivering solid financial results even as market conditions moderated from the significant volatility of recent years, a testament to our resilience and strategic approach.

“I am confident we will continue to be competitive in the second half, as we benefit from our multi-year drive to maximise our revenue and minimise our costs, our focus on operational excellence, and our partnerships with our global customers.”

Zouhir Regragui, Chief Financial Officer of Emirates Global Aluminium, said: “Our continuing performance, recurring cost savings from our multi-year Najah transformation programme, and strong cash generation has enabled us to further optimise our balance sheet for future growth. Over the longer term, we see considerable opportunities both to grow our primary production and to develop our business in recycling. We are well-placed within our sector to capitalise on these opportunities due to our track record in strategic expansion, our operational expertise, and our financial strength.”

EGA made a corporate debt pre-payment of AED 2.9 billion ($800 million) during the first half of 2023. This continues EGA’s deleveraging strategy to strengthen the company’s balance sheet for future growth. EGA has now pre-paid AED 9.4 billion ($2.6 billion) in total since mid-2021. EGA’s outstanding corporate debt is currently AED 14.4 billion ($3.9 billion), while GAC has outstanding project financing of AED 2.3 billion ($614 million) following scheduled repayments.  EGA’s net debt to adjusted EBITDA ratio was 1.6x at the end of June 2023.

EGA’s production at each step of the aluminium value chain was either in line with or slightly ahead of production in the first half of 2022, but lower than the record performance in H2 2022 due to seasonality and a planned maintenance shutdown.

Sales of cast metal increased by 1 per cent to 1.32 million tonnes, compared to 1.31 million tonnes in the first half of 2022. In H2 2022, EGA sold 1.41 million tonnes of cast metal. EGA supplied 383 customers around the world during the first half of 2023.

Sales of value-added products or ‘premium aluminium’ decreased 5 per cent to 1.02 million tonnes from 1.07 million tonnes in H1 2022 and 1.06 million tonnes in H2 2022. ‘Premium aluminium’ accounted for 77 per cent of total sales, compared to 82 per cent in H1 2022 and 75 per cent in H2 2022, amid lower demand for extrusion billets. EGA focused on optimising EBITDA contribution from sales through opportunistic non-VAP metal sales into global markets at strong premiums while maintaining or growing relative market share in ‘premium aluminium’ in key markets and segments. 

Metal sales to local customers increased to 148 thousand tonnes, or 11 per cent of total sales, reflecting the relatively strong performance of the UAE economy. In H1 2022 local sales were 141 thousand tonnes and in H2 2022 local sales were 127 thousand tonnes.

Alumina production at Al Taweelah alumina refinery was in line with H1 2022 at 1.15 million tonnes, compared to 1.28 million in H2 2022. During the period, the plant was shut down for scheduled maintenance which was successfully completed. All alumina produced was supplied to EGA’s smelters, meeting 45 per cent of the company’s total alumina needs in the period.

In Guinea, bauxite exports increased 6 per cent compared to H1 2022 to 6.87 million tonnes. This was slightly lower than H2 2022, due to accelerated production towards the end of 2022 at Guinea Alumina Corporation to meet customer demand.

During the first half of 2023, EGA’s GAC achieved the first certification in Guinea to the Aluminium Stewardship Initiative’s Performance Standard, the global aluminium industry’s internationally recognised standard for environmental and social performance and governance. Al Taweelah was certified in 2019, and Jebel Ali in 2021. Al Taweelah alumina refinery was certified after the end of the first half, meaning all EGA operational assets are certified.

EGA signed a major long-term alumina supply agreement with Alcoa during the first half of 2023. Over the life of the 8-year agreement, which commences in 2024, volume options will allow EGA to procure as much as 15.6 million metric tons of alumina from Western Australia. The supply agreement will make Alcoa EGA’s largest third-party supplier of alumina.

EGA’s Total Recordable Injury Frequency Rate during the first half of 2023 was 1.55 per million hours worked. There was one Lost Time Injury during the period, with the employee now fully recovered.

The agreement was signed at the Japan-UAE Business Forum in Abu Dhabi, witnessed by His Highness Sheikh Hamed bin Zayed, member of the Abu Dhabi Executive Council, and Japan’s Prime Minister Fumio Kishida.

EGA’s relationship with ITOCHU stretches back to the 1980s, with the Japanese company marketing EGA’s metal to customers in Japan and Japanese companies’ operations abroad.

The new agreement builds on a MoU signed late last year in Tokyo to leverage both companies industrial capabilities in opportunities that complement EGA’s existing operations in the UAE.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “EGA and ITOCHU have worked together for decades, and our partnership has been an important part of the trade relationship between the UAE and Japan. We look forward to expanding this partnership further, to the benefit of our companies and both nations.”

Keita Ishii, President and Chief Operating Officer of ITOCHU Corporation, said: “The commercial relationship between ITOCHU and the UAE is amongst the most significant our two nations share. Our goal now is to deepen our work together to help meet the growing demand for aluminium over the decades ahead.”

The memorandums of understanding were signed in the presence of His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, by Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, and senior leaders of the potential investor companies.

EGA and Sunstone signed an agreement that could lead to the development of a new carbon anode manufacturing facility in the UAE. Carbon anodes are consumed in the aluminium smelting process. Sunstone is the largest producer of carbon anodes in China.

EGA produces some 1.2 million tonnes of carbon anodes every year at its own carbon plants in Jebel Ali and Al Taweelah, and the remainder of the company’s need is currently imported. Production from the new carbon anode manufacturing facility in the UAE would entirely replace these imports, and additional capacity could supply other aluminium smelters in the Middle East.

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: ”EGA is at the heart of one of the UAE’s most important industrial sectors, and we are committed to growing our economic contribution further in line with Operation 300bn, including by using our demand to localise our supply chain. These agreements are progress towards that goal, and I look forward to the development of these new industrial facilities in the UAE, creating jobs and contributing to prosperity.”

Lang Guanghui, Chairman of Sunstone, said: “The UAE is a strategic location for industrial investment, with industrial champion companies like EGA and access to the wider Middle East region. We look forward to progressing this project, growing our international operations and contributing to the UAE’s economy.”

EGA also signed a memorandum of understanding with VCI, an Indian disinfectant and carbo-chemicals producer, that could lead to the development of a pitch melting and processing facility in the UAE. This facility would be the first of its type in the region.

Liquid pitch is a raw material in the production of carbon anodes for aluminium smelting, and is also increasingly used in the manufacture of batteries for electric vehicles.  

EGA’s metal has been formed in Jebel Ali into parts for MBRSC’s MBZ-SAT, the region’s most advanced commercial satellite in the field of high-resolution satellite imagery, which is due to be launched in 2024.

The partnership is a space sector milestone for Make it in the Emirates, supporting the UAE’s Operation 300bn ambition to more than double the size of the industrial sector by 2031, and for the UAE’s goal of being a leader in space exploration.

The first fully UAE-made parts have already been delivered to the Mohammed Bin Rashid Space Centre at Al Khawaneej in Dubai.

His Excellency Salem Humaid AlMarri, Director General of the Mohammed Bin Rashid Space Centre, said: “At MBRSC, our mission is not only to explore the vast potential of space but also to drive the diversification of the UAE's economy. We recognise the immense value of joining forces with diverse partners to leverage their unique expertise and capabilities. By forging strategic partnerships with innovative entities such as Emirates Global Aluminium and Gulf Extrusions, we are able to expand the horizons of the UAE's space sector. Together, we are committed to pushing the boundaries of innovation and fuelling the growth of this vital industry.”

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “At EGA, we have been making it in the Emirates since 1979. We are proud to now provide CelestiAL solar aluminium, together with Gulf Extrusions, to another UAE champion which will use it to reach beyond the sky on behalf of our nation. Aluminium is an essential material for modern life, including space travel, and the UAE’s production through EGA is a global contribution to human progress.”

Omar Shegem, Chief Executive Officer of Gulf Extrusions, said: “Our parts, made in the UAE with EGA’s aluminium, are already found in everything from cars to skyscrapers around the world. We are now honoured that our work will leave the Earth’s atmosphere for the first time as part of MBZ-SAT. Together we are making it in the Emirates for the world and beyond.”

MBRSC has been dedicated to the advancement of space science, technology, and exploration, playing a pivotal role in the UAE’s space ambitions. The Centre’s main activities encompass the UAE Satellite Programme, the UAE Astronaut Programme, the Emirates Mars Mission, and the Mars 2117 Programme which includes the Emirates Lunar Mission and Space Ventures, among others. Recognising the importance of collaboration, MBRSC actively engages in partnerships with private entities, fostering innovation and driving the growth of the space sector.

Since the first satellite launch in 1957, aluminium has been the leading material in space exploration due to its lightweight, strength and resistance to corrosion.

EGA’s aluminium is the largest made-in-the UAE export after oil and gas and is shipped to more than 50 countries worldwide. In 2021, EGA became the first company in the world to produce aluminium commercially using solar power through a partnership with Dubai Electricity and Water Authority, which operates the Mohammed bin Rashid Al Maktoum Solar Park in the desert outside Dubai. Electricity generation accounts for around 60 per cent of the global aluminium industry’s greenhouse gas emissions. The use of solar power significantly reduces these emissions.

Last year, EGA hosted UAE astronaut Hazzaa AlMansoori for a virtual discussion with employees about the uses of aluminium in space.

EGA is one of the UAE’s most innovative companies and has developed its own aluminium smelting technology in the UAE for more than 30 years. EGA’s latest technology, DX+ Ultra, is amongst the most efficient in the global aluminium industry. The company has used its own technology in all its smelter expansions since the 1990s has retrofitted all its older production lines and was the first UAE industrial company to license its core process technology internationally.

Gulf Extrusions, a subsidiary of Al Ghurair Group, is one of 26 UAE customers of EGA which make everything from car parts to window frames for the local market and global export. EGA supplies some 10 per cent of its metal to local companies, and the aluminium sector as a whole accounts for 1.5 per cent of the entire UAE economy.

Over the life of the 8-year agreement, which commences in 2024, volume options will allow EGA to procure as much as 15.6 million metric tons of alumina from Western Australia. The supply agreement will represent a significant portion of Alcoa’s annual third-party alumina sales.

The supply agreement will make Alcoa EGA’s largest third-party supplier of alumina. EGA’s Al Taweelah alumina refinery in Abu Dhabi met 47 percent of EGA’s total alumina needs in 2022.

“Alcoa operates the world’s largest third-party alumina business with low-carbon processes, and we’re proud to be recognized with this significant additional volume from EGA as a leading global producer,” said Alcoa President and CEO Roy Harvey. “The agreement is the largest alumina supply contract ever signed between Alcoa and EGA will strengthen the long-term supply relationship between our two companies.”

EGA is the largest industrial company in the United Arab Emirates outside of oil and gas, operating smelters in Abu Dhabi and Dubai, an alumina refinery in Abu Dhabi, and a bauxite mine in the Republic of Guinea.

“Most of our alumina needs into the next decade are now secured by our own production and a long-term supplier in Alcoa that is aligned with our sustainability goals.,” said Abdulnasser Bin Kalban, EGA’s Chief Executive Officer. “This agreement will further strengthen EGA’s platform for future growth.”

The contract includes options for EGA to choose Alcoa’s low-carbon EcoSource^TM alumina, the aluminum industry’s only low-carbon alumina brand.

EcoSource is produced with no more than 0.6 tons of carbon dioxide equivalents (CO2e) per ton of alumina (scope 1 and scope 2 emissions), which is half of the industry’s average of 1.2 tons of CO₂e. This measurement includes direct emissions from the Company’s bauxite mining and alumina refining processes and indirect emissions from the energy consumed in those processes. 

“I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector.

“The immediate outlook for aluminium remains under some pressure due to its close correlation to the health of the global economy. More broadly, the prospects for EGA and our sector are very strong due to aluminium’s role in decarbonisation economy-wide. EGA will capitalise on this significant opportunity.”

Financial highlights of 2022

·       Record revenue of AED 34.6 billion ($9.4 billion) for 2022, up 36 per cent from AED 25.5 billion ($6.9 billion) in 2021.

·       Record adjusted EBITDA of AED 12.4 billion ($3.4 billion), up 37 per cent from AED 9.0 billion ($2.5 billion) in 2021. Average realised LME price of $2,715 per tonne.

·       Record net profit of AED 7.4 billion ($2.0 billion), up 34 per cent AED 5.5 billion ($1.5 billion) in 2021.

·       Cash generated from operating activities of AED 12.7 billion ($3.4 billion) up 70 per cent from AED 7.5 billion ($2.0 billion) in 2021.

·       Adjusted EBITDA margin of 36 per cent, compared to 35 per cent in 2021, one of the highest amongst industry peers.

·       Continued deleveraging to strengthen EGA’s balance sheet. EGA’s net debt to adjusted EBITDA was 1.1x at year-end, compared to 2.4x at end 2021.

·       Total dividends to EGA’s shareholders of AED 3.7 billion ($1 billion, consisting of an interim dividend of AED 2.2 billion ($600 million) in July and a further dividend of AED 1.5 billion ($400 million) after the end of 2022. This makes dividends related to 2022 the largest in EGA’s history.

·       EGA recognised an impairment loss of AED 1.1 billion ($288 million) for mining assets and related equipment at Guinea Alumina Corporation, a prudent accounting measure reflecting the increased cost of capital and other market conditions in Guinea.

Operational highlights of 2022

·       Total Recordable Injury Frequency Rate (a measure of all incidents including those not requiring time of work) of 1.42 per million hours worked, continuing a safety performance significantly better than industry benchmarks. There were three Lost Time Injuries in EGA in 2022.

·       Record sales of cast metal of 2.72 million tonnes (2021: 2.54 million tonnes). 78 per cent of EGA’s metal sales was value-added products.

·       Sales to local UAE customers of 268 thousand tonnes of cast metal (2021: 281 thousand tonnes).

·       Production of CelestiAL solar aluminium increased 46 per cent to 57 thousand tonnes (2021: almost 39 thousand tonnes.

·       Record production of hot metal of 2.65 million tonnes (2021: 2.50 million tonnes. During 2022, EGA surpassed 40 million tonnes of hot metal produced since start-up in 1979.

·       Record production of alumina of 2.43 million tonnes (2021: 2.3 million tonnes). EGA’s Al Taweelah alumina refinery met 47 per cent of EGA’s alumina needs in 2022. Al Taweelah alumina refinery made an AED 919 million ($250 million) contribution to EGA adjusted EBITDA.

·       Record exports of bauxite from Guinea of 14 million wet metric tonnes (2021: 12 million wet metric tonnes). Guinea Alumina Corporation made an AED 507 million ($138 million) contribution to EGA’s adjusted EBITDA.

United Arab Emirates, 7 March 2023: Emirates Global Aluminium, the world’s largest ‘premium aluminium’ producer and the biggest industrial company in the United Arab Emirates outside oil and gas, today reported its strongest-ever financial results.

EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) for 2022 was up 37 per cent to a record AED 12.4 billion ($3.4 billion), compared to AED 9.0 billion ($2.5 billion) in 2021.

EGA’s net profit was a record AED 7.4 billion ($ 2.0 billion), up 34 per cent from AED 5.5 billion ($1.5 billion) in 2021.

EGA’s adjusted EBITDA margin was 36 per cent, one of the best amongst global industry peers.

EGA delivered record production at every step of the aluminium value chain from mining to cast metal.

Bauxite exports from the Republic of Guinea were up 16 per cent to 14 million wet metric tonnes. EGA’s bauxite mining subsidiary, Guinea Alumina Corporation, contributed AED 507 million ($138 million) to adjusted EBITDA.

Al Taweelah alumina refinery produced 2.43 million tonnes of alumina, up 5 per cent and meeting 47 per cent of EGA’s total alumina needs, and making an AED 919 million ($250 million) contribution to EGA adjusted EBITDA.

EGA’s hot metal production was a record 2.65 million tonnes. During 2022, EGA passed 40 million tonnes of hot metal produced since the start-up of Jebel Ali in 1979.

EGA cast this hot metal into a record 2.73 million tonnes of finished products. Value-added products, or ‘premium aluminium’ was 78 per cent of sales, with volume increasing slightly from 2021.

EGA’s Najah transformation programme (Najah means ‘success’ in Arabic) began in 2020. Najah is a group-wide programme focused on cost efficiencies and revenue growth. The programme has delivered cumulative EBITDA savings of AED 6.2 billion ($1.7 billion) since its launch. The programme continues to deliver sustainable recurring annual value as well as tools and processes to capture additional opportunities.

EGA’s working capital at the end of 2022 was 30 days, a significant improvement on previous years and one of the best in the industry.

EGA’s average realised London Metal Exchange price for its metal was $2,715 per tonne. The benchmark LME daily price reached a decade-high in March of $3,985 per tonne, before retreating to a low of $2,080 in September.

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “At EGA, we delivered our best-ever results by focusing throughout the year on what we control – the safety of our people, operational excellence, our costs, and our commercial relationships with our long-term global customers. Our performance demonstrated our resilience and strength at every step of the value chain.

“I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector.

“The immediate outlook for aluminium remains under some pressure due to its close correlation to the health of the global economy. More broadly, the prospects for EGA and our sector are very strong due to aluminium’s role in decarbonisation economy-wide. EGA will capitalise on this significant opportunity.”

Zouhir Regragui, Chief Financial Officer of EGA said: “These results show EGA’s industry-leading capability both to capitalise on market opportunity and to generate value from mining to metal during more challenging periods. This is testament to the success of our multi-year transformation programme that has so far delivered some $1.7 billion in additional EBITDA over three years.

“In addition, over the past four years, we have improved our working capital and have released close to $1 billion previously trapped in the business.

“Our record financial performance enabled us to further strengthen our balance sheet in preparation for future growth while providing excellent returns for our shareholders. We also took a prudent view with the recognition of the impairment of our asset in Guinea in light of the increasing cost of capital.

“We expect global demand for aluminium to grow by between one and two per cent in 2023, and much more over the decades ahead in the transition to a more sustainable economy. The bulk of new demand will be in secondary and low-carbon primary aluminium, for which there will be a premium. We are growing our business in both these areas.”

At the end of 2022, EGA’s net debt to adjusted EBITDA ratio was 1.1x, compared to 2.4x at the end of 2021 as the company continued to deleverage to strengthen its balance sheet.

EGA paid shareholders a total of AED 3.7 billion ($1 billion), consisting of an interim dividend of AED 2.2 billion ($600 million) in July, and a further dividend of AED 1.5 billion ($400 million) after the end of 2022. This makes dividends related to 2022 the largest in EGA’s history.  

EGA recognised an impairment loss of AED 1.1 billion ($288 million) for mining assets and related equipment at GAC, a prudent accounting measure reflecting the increased cost of capital and other market conditions in Guinea.

EGA’s revenue increased 36 per cent to AED 34.6 billion ($9.4 billion). Cash generated from operating activities was up 70 per cent to AED 12.7 billion ($3.4 billion).

During the year, EGA, Abu Dhabi National Energy Company PJSC (TAQA), Dubal Holding and Emirates Water and Electricity Company (EWEC) announced a strategic initiative that would expand clean energy development, progress power assets and generation optimisation, and decarbonise EGA’s aluminium production. Progress was made during 2022 on the continuing detailed negotiations for this initiative, which will then require regulatory approval.

In 2022, EGA produced 57 thousand tonnes of CelestiAL solar aluminium, up from almost 39 thousand tonnes in 2021. BMW Group continued to be the largest customer for CelestiAL. During the year, EGA announced further CelestiAL sales agreements with tier 1 suppliers of Mercedes-Benz and Nissan.

EGA’s supply of metal to local UAE customers was 268 thousand tonnes during 2022, compared to 281 thousand tonnes in 2021, due to various customer-specific factors. EGA is a champion of Make it in the Emirates, and the company’s metal supply has led to the development of a significant downstream industry in the UAE which supplies local and global customers.

The company’s Total Recordable Injury Frequency Rate, a broad measure of all incidents including those that do not require time off work, was 1.42 per million hours worked. EGA’s safety performance was significantly better than industry benchmarks. There were three Lost Time Injuries in 2022, the most serious of which was leg injury. The employee fully-recovered and returned to work.