Aluminum Stocks

Rio Tinto is a diversified mining and metals group listed in London and Australia. Its aluminum operations include bauxite mines in Australia and Guinea, alumina refineries including Queensland Alumina, Yarwun and Vaudreuil, and primary smelters in Canada, Australia, Iceland and New Zealand. Aluminum sits within the group’s Aluminium & Lithium product group, alongside its separate Iron Ore and Copper groups.

Rio Tinto is a partner in ELYSIS with Alcoa and Investissement Québec, developing inert-anode technology intended to eliminate direct greenhouse-gas emissions from the smelting process. Electricity agreements signed in 2024 support the Tiwai Point smelter in New Zealand through 2044. The group’s results also depend on its substantial iron ore and copper businesses, so its market capitalization reflects much more than aluminum production.

China Hongqiao Group is a Hong Kong-listed Chinese aluminum producer with operations spanning bauxite supply, alumina refining, primary smelting and downstream processing. Its industrial base includes Shandong and Yunnan, with interests in Guinea and Indonesia supporting raw-material supply. The group sells alumina to other producers as well as producing aluminum, giving it exposure to both markets.

China’s primary-aluminum capacity policy constrains new capacity and influences the relocation of Hongqiao’s smelters. The group has moved smelting activity from coal-intensive Shandong to Yunnan and is developing wind, solar and storage projects there. The power mix varies across its operations.

Hongqiao also has an investment commitment to the Simandou iron-ore project in Guinea, adding exposure outside aluminum.

Hindalco Industries is an Indian aluminum and copper producer within the Aditya Birla Group. Its Indian aluminum operations include bauxite mining, alumina refining, smelting and downstream products. Wholly owned Novelis operates rolling and recycling facilities serving beverage packaging, automotive, aerospace and other industrial customers worldwide. Copper is a separate material business within Hindalco.

Novelis is investing in the Bay Minette recycling and rolling complex in Alabama, designed for 600,000 tonnes a year of finished products. Commissioning activities were underway in 2026. Its Oswego hot mill in New York restarted in June 2026 after fire-related outages. These investments and operating disruptions affect the downstream business alongside customer demand, metal procurement and processing margins.

Aluminum Corporation of China Limited, or Chalco, is a state-controlled producer listed in Hong Kong and Shanghai. Its operations span bauxite mining, alumina refining, primary aluminum, alloys and carbon products, supported by energy, trading and logistics businesses. Its bauxite interests include operations in China and Guinea.

Chalco consolidates Yunnan Aluminium, another listed company on this page, in which it held a 29.10% interest in its 2025 annual accounts. Investors comparing the two companies should account for that overlapping exposure. Chalco’s operating results depend on aluminum and alumina prices, electricity costs and raw-material availability.

Norsk Hydro is an Oslo-listed aluminum and renewable-energy company with mining, refining, smelting, recycling and extrusion operations. Its upstream assets include the Paragominas bauxite mine and Alunorte alumina refinery in Brazil, while its Norwegian smelters use hydropower. Hydro’s extrusion businesses supply construction, transport and industrial customers. Its CIRCAL products contain high proportions of post-consumer scrap, and the group is developing the HalZero aluminum-chloride electrolysis process.

Hydro owns 50% of the Qatalum smelter in Qatar and 55.3% of Slovalco in Slovakia. Qatalum operated at about 60% of its gross capacity during the June 2026 quarter following a gas-supply disruption. In July 2026, Hydro announced plans to restart 75,000 tonnes a year at Slovalco from the fourth quarter, with framework conditions subject to European Commission approval.

Vedanta Aluminium Metal is an Indian aluminum producer listed on the NSE and BSE following the demerger of Vedanta Limited’s aluminum business. Its principal sites are the Jharsuguda smelter and Lanjigarh alumina refinery in Odisha, and the BALCO smelter at Korba in Chhattisgarh. The business also includes captive power generation and downstream product facilities.

Jharsuguda and BALCO rely heavily on coal-fired captive generation. Lanjigarh sources part of its bauxite from third parties and imports, making raw-material availability and procurement costs relevant to refinery performance. The separately listed company provides exposure to aluminum production and processing, with earnings affected by metal and alumina prices, energy costs and the utilization of its expanded facilities.

South32 is an Australian-listed diversified mining and metals company with aluminum, alumina, copper, zinc and manganese interests. On 30 June 2026, it agreed to sell specified bauxite, alumina and aluminum interests in Australia, Brazil and South Africa to Alcoa. The assets covered include Worsley, Hillside, and South32’s MRN and Alumar interests. Alcoa said it expected completion in the first half of 2027, subject to shareholder and regulatory approvals.

The agreed upfront consideration is approximately US$4.1 billion, comprising US$3.1 billion in cash and Alcoa shares valued at about US$1 billion at announcement. Alcoa stated an implied enterprise value of approximately US$4.7 billion including net debt, with a separate contingent value right of up to US$750 million. Mozal in Mozambique is excluded from the agreement and was placed on care and maintenance in March 2026. The sale remains conditional; South32 retains the interests covered by the agreement pending completion.

Press Metal Aluminium Holdings is a Bursa Malaysia-listed aluminum producer operating the Mukah and Samalaju smelters in Sarawak. Their combined nameplate capacity is 1.08 million tonnes a year. Long-term agreements with Sarawak Energy supply hydropower to the smelters. Press Metal also operates extrusion businesses in Malaysia and China.

The group has interests in alumina suppliers, including 40% of Japan Alumina Associates, approximately one-fifth of Nanshan Aluminium International, and 80% of the PT Kalimantan Alumina Nusantara refinery project in Indonesia. Its upstream interests supplied part of its alumina requirements in 2025, with the balance purchased from the market. Changes in alumina prices therefore affect smelting margins alongside aluminum prices, electricity costs and production volumes.

Yunnan Aluminium is a Shenzhen-listed Chinese producer within the Chinalco group. Its operations are concentrated in Yunnan Province and include alumina refining, primary aluminum smelting and downstream alloy and processing products. Its product range includes foil, rod, casting alloys and materials for transport, electronics and industrial applications.

Yunnan’s electricity system relies heavily on hydropower and other renewable generation. Hydropower availability can also constrain industrial electricity supply, making water conditions and power allocation relevant to smelter output. Chalco held 29.10% of Yunnan Aluminium and consolidated its results in its 2025 annual accounts.

Alcoa Corporation is an upstream aluminum company listed in New York and Australia, with Alumina and Aluminum segments. It operates bauxite mines, alumina refineries and primary smelters through wholly owned businesses and joint ventures. Its acquisition of Alumina Limited in 2024 consolidated ownership of the AWAC portfolio. Alcoa is also a partner in ELYSIS with Rio Tinto and Investissement Québec, developing inert-anode smelting technology.

In June 2026, Alcoa agreed to acquire specified South32 bauxite, alumina and aluminum interests in Australia, Brazil and South Africa for approximately US$4.1 billion upfront, plus a contingent value right of up to US$750 million. Alcoa said it expected completion in the first half of 2027, subject to South32 shareholder and regulatory approvals. Mozal is excluded. The proposed acquisition would expand Alcoa’s operating portfolio; the transaction remains conditional.

Metlen Energy & Metals PLC operates an integrated aluminum value chain in Greece. The group owns European Bauxites, the Aluminium of Greece alumina refinery and primary aluminum smelter, and the EP.AL.ME recycled-aluminum business. Its metals operations produce bauxite, alumina, primary aluminum and recycled aluminum for industrial customers.

Aluminum is one part of a much broader company. Metlen also develops renewable-energy and battery-storage projects, operates thermal and renewable power plants, supplies and trades electricity and natural gas, and owns infrastructure, concessions and defence-manufacturing businesses. It therefore provides diversified exposure to aluminum rather than functioning as a pure-play producer.

National Aluminium Company, or NALCO, is an Indian state-controlled aluminum producer listed in Mumbai. Its operations link bauxite mining at Panchpatmali with alumina refining at Damanjodi and aluminum smelting at Angul in Odisha. Captive power generation supports its smelting operations.

NALCO is expanding the Damanjodi refinery with a fifth stream designed to add one million tonnes of annual alumina capacity. The company’s exposure includes both alumina sales and primary aluminum production.

Chuangxin Industries is a Hong Kong-listed Chinese producer of alumina and primary aluminum. Its operations combine captive power, alumina refining in Shandong and smelting at Huolinguole in Inner Mongolia. At the end of 2025, it reported 788,000 tonnes a year of wholly owned smelting capacity and a 58.5% interest in 1.2 million tonnes a year of alumina refining capacity.

Huolinguole has relied on captive coal generation. Chuangxin allocated part of the proceeds from its November 2025 listing to wind and solar projects intended to change the electricity mix. Power costs, alumina supply and aluminum prices affect the operating business, while the benefits of the renewable projects depend on their completion and integration into the plant’s electricity supply.

Century Aluminum is a NASDAQ-listed primary aluminum producer with smelters at Sebree in Kentucky, Mt. Holly in South Carolina and Grundartangi in Iceland. It also holds a 55% interest in the Jamalco alumina refinery in Jamaica. The Mt. Holly restart was completed in June 2026, and Grundartangi’s second line restarted in July 2026 after a transformer failure. Jamalco’s new TG4 power turbine entered service in August 2026.

Century and Emirates Global Aluminium are developing a proposed 750,000-tonne-a-year smelter in Oklahoma through a venture owned 40% by Century and 60% by EGA. The project has a US Department of Energy award of up to US$500 million, with funding subject to milestones. As of August 2026, a final power agreement, detailed engineering and financing remained outstanding before a final investment decision. The proposed plant is separate from Century’s operating smelting capacity.

Constellium is a New York-listed aluminum fabricator supplying aerospace, packaging, automotive and industrial customers. Its rolling and extrusion operations turn aluminum into products such as sheet, plate and structural components. Recycling supplies part of its metal input.

The company has added finishing lines at Singen in Germany, with the first qualification coil produced in November 2025. Its business depends on customer demand, product qualification and processing margins. Metal-cost pass-through arrangements reduce direct exposure to aluminum prices, while pricing lags and scrap costs can still affect earnings.

Aluminium Bahrain, or Alba, operates a primary aluminum smelter in Bahrain, supplied by purchased alumina and captive gas-fired power generation. Bahrain Mumtalakat Holding owns 69.38% and Ma’aden owns 20.62%; approximately 10% is publicly held. Ordinary shares trade on Bahrain Bourse and global depositary receipts trade in London.

Alba signed an agreement in May 2026 to acquire Aluminium Dunkerque in France at an enterprise value of US$2.2 billion. The acquisition remained subject to regulatory approvals and closing conditions in Alba’s 4 August 2026 update. During the second quarter, Alba curtailed its Bahrain operations, including a controlled shutdown of Lines 1–3, amid regional tensions and raw-material and logistics constraints.

Kaiser Aluminum is a NASDAQ-listed manufacturer of semi-fabricated aluminum products with facilities in North America. It purchases primary and recycled metal and produces rolled, extruded and drawn products for aerospace and defense, beverage and food packaging, automotive and general engineering customers.

Its products include aerospace plate and sheet, beverage canstock and industrial extrusions. Metal costs are incorporated into customer pricing arrangements, while earnings depend on shipment volumes, product mix and conversion margins. Qualification requirements vary by application, particularly for aerospace products, and customer production schedules affect plant utilization.

Metro Mining is an ASX-listed bauxite producer operating the Bauxite Hills mine on Cape York in northern Queensland. The operation produces direct-shipping ore for alumina refineries in China. Metro’s business is concentrated in bauxite mining and exports.

Its marine logistics system includes the Ikamba floating transhipment terminal, which transfers ore to ocean-going vessels. Freight costs, seasonal conditions and the availability of transhipment equipment affect realized shipments. Revenue depends on bauxite sales volumes and pricing, with Chinese refinery demand an important influence on the export market.

Tredegar is a NYSE-listed industrial manufacturer operating Bonnell Aluminum and High Performance Films. Bonnell produces custom aluminum extrusions for North American construction, automotive and industrial customers from facilities in the eastern United States. The films business serves separate electronics and packaging applications.

Bonnell buys aluminum input and earns processing margins on fabricated profiles. Metal-cost movements are substantially reflected in customer pricing, while construction activity, industrial demand and automotive production influence shipment volumes.

Canyon Resources is an ASX-listed company developing the Minim Martap bauxite project in Cameroon. The project has a mineral resource of about 1.1 billion tonnes and an ore reserve of about 144 million tonnes; these are different measures and are not additive. Export plans depend on rail, port and transhipping arrangements.

Canyon withdrew its Q4 2026 first-shipment target after AFG Bank Cameroon suspended further loan drawdowns pending a review. Its 31 August target statement said no default had occurred and described the project as being in advanced pre-production. The independent board committee recommended rejecting A2MP’s conditional takeover offer. Interim Takeovers Panel orders issued on 28 August restricted processing acceptances and waiving offer conditions without the Panel’s consent. Funding, shipment timing and the bid remained unresolved in those disclosures.