Alcoa Corp. has agreed to buy South32 Ltd.’s bauxite, alumina and aluminum assets in a deal worth as much as $5.6 billion, cementing its position as a top producer as long-term demand strengthens and the Iran war exposes supply concerns.
The South32 logo atop 108 St Georges Terrace, left, the BHP Group logo atop Brookfield Place, center, and the Rio Tinto Group Ltd. logo atop Central Park tower, in Perth, Australia, on Friday, Jan. 17, 2025. Rio Tinto Group and Glencore Plc have been discussing combining their businesses, which if successful would rank as the largest-ever mining deal and create a behemoth to rival longstanding leader BHP Group.
Alcoa Corp. shares plunged after a company executive warned that its alumina business is facing losses from energy disruptions and the near-closure of the Strait of Hormuz.
Shortfalls could persist longer than current expectations and drive up the price of aluminum as an impact of war with Iran says Timna Tanners, managing director of equity research for Wells Fargo. Tanners talked about the different impacts of the war on commodity prices, including copper which neared record highs on Tuesday due to a rise in demand from China and fears about supplies of sulfur in the Mideast. (Source: Bloomberg)
Alcoa Corp. is in advanced talks to sell a former smelter site in upstate New York to Bitcoin mining firm NYDIG as part of its plans to dispose of its dormant assets.
Signage outside Alcoa Corp. headquarters in Pittsburgh, Pennsylvania, U.S., on Sunday, April 11, 2021. Alcoa Corp. is scheduled to release earnings figures on April 15.
S&P 500 Index futures rise 0.6% as of 7:50 a.m. in New York. US and Israeli forces pressed ahead with attacks on Iran while the Islamic Republic launched missiles across the Persian Gulf, sending oil prices higher once again.
Alcoa Corp., the largest US aluminum producer, says it’s fielding interest from buyers seeking alternative supply following the curtailment of production in the Middle East.
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