News

HKEX and LME announce new LME Chief Executive and Leadership Structure. Hong Kong Exchanges and Clearing Limited (HKEX) and the London Metal Exchange (LME), a wholly-owned subsidiary of HKEX, are pleased to announce the appointment of Matthew Chamberlain as Chief Executive of the LME effective immediately subject to the approval of the Financial Conduct Authority (FCA) of the UK.   Mr Chamberlain will remain on the LME Board and will continue as a member of HKEX’s Management Committee.   Mr Chamberlain has been the interim Chief Executive since January 2017 and was...

Mechatherm Services continues to grow, adding both a Junior Service Engineer position and a Mechanical Engineer to the team. The UK service division now employs eight people in various roles and will work to add yet more to the team as the company expands into the Middle East with its first branch office.

UC Rusal has acquired share of the foundry and mechanical production facility SKAD (SKAD), which is a producer of aluminium alloy car wheels, located in Krasnoyarsk.   Under the terms of the transaction, Rusal will own a stake in the authorised capital of LMZ SKAD LLC and its founder, Idris Zakriev, will remain as Chief Executive Officer of the production facility. SKAD produces alloy wheels for the Russian and overseas auto markets and, due to the growing consumer demand, SKAD’s management decided to raise funding by attracting a strategic partner for further...

Aluminium Bahrain B.S.C. (Alba) has secured commitments of c. US$ 700 million from Export Credit Agency (ECA) supported facilities to finance Line 6 Expansion Project.   The facilities are made-up of a dual tranche of c. US$ 310 million and c. EUR 315 million SERV Guaranteed Export Credit and c. EUR 50 million Euler Herms Guaranteed Export Credit.   The SERV-backed facility will fund the Company’s Power Station 5 (PS5) wherein General Electric (GE), EPC contractor, will provide three 9HA gas turbines, three steam turbines and three heat recovery steam generators...

Arconic has announced that Klaus Kleinfeld, by mutual agreement with the Arconic Board of Directors, has stepped down as Chair and Chief Executive Officer of Arconic and has resigned as a Board member. David P. Hess, a current Board member, has been appointed as Interim CEO of Arconic and will remain on the Board. Mr. Hess has decades of experience in leading aerospace and industrial businesses. Patricia F. Russo, Arconic’s current Lead Director, has been appointed as Interim Chair of the Board. Ms. Russo has served on the Board since 2008 and has been serving as Lead...

The office in Shanghai of EGA’s wholly-owned Chinese subsidiary will source raw materials and other supplies in China. EGA has procured over $500 million of supplies from China over the past two years. The office will also deepen commercial ties by developing sales opportunities for bauxite from EGA’s under-development mine in the Republic of Guinea. Abdulla Kalban, EGA’s Managing Director and Chief Executive Officer, said: “China is already a substantial source of raw materials and supplies for EGA, and we expect the importance of China for our business to...

Outotec has agreed with Aluminium Bahrain B.S.C. (ALBA) on the design and delivery of anode rodding shop facility for ALBA's aluminium smelter expansion in the Kingdom of Bahrain.  The parties have agreed not to disclose the contract price, but this is the largest order for Outotec in close to two years. The order has been booked in Outotec's 2017 first quarter order intake.      Outotec is to deliver fully equipped anode rodding shop as well as bath and butts material recycling facility. The scope of delivery includes process engineering, proprietary...

According to reports, the Tomago aluminium smelter has put itself forward as a foundation customer for any low emissions coal-fired electricity generator to be built in the Hunter Valley as it warns continued power supply instability and rising prices threatens its future. With the plant accounting for 12 per cent of NSW’s electricity consumption, a commitment from Tomago would help underwrite any new power plant. Federal Energy Minister Josh Frydenberg and Resources Minister Matt Canavan have both floated ultra-supercritical coal-fired power stations as potential...

Arconic has announced that the installation of its new manufacturing technology – the Very Thick Plate Stretcher (Stretcher) – is complete. The Stretcher produces highly-differentiated aerospace and industrial plate. The investment in the Stretcher is backed by customer contracts, including one with Airbus, valued at approximately $1 billion. The project was completed on time with an investment of approximately $150 million, approximately $40 million under budget. Located at the company’s facility in Davenport, Iowa, the Stretcher improves the performance of thick...

According to reports, Arconic ARNC is selling its rolling mill in Fusina, Italy to Slim Aluminium. The transaction is part of the company’s continued drive to convert the business from a commodity producer to a high-margin aerospace and automotive supplier.  Slim Aluminium is an Italy-based rolling mill business. At present the company has a production capacity of around 92,000 tonnes a year, which includes the production of foil, a wide range of coils and sheets, circles and shaped blanks. Slim Aluminium SpA is fully owned by funds managed by Quantum Capital...