Hindalco to spend US$7.2 billion to expand aluminium business
2022-03-31 14:13:45 [Print]
Hindalco Industries Ltd announced it will spend as much as US$7.2 billion to expand its aluminium business over the next five years, as global supply shortages and strong demand prospects push prices toward unprecedented levels. The company will invest the amount mainly across its businesses in India and North America.
The company's subsidiary Novelis Inc will invest as much as US$4.8 billion in the US, Brazil, Asia and Germany during the period, including some expansions announced earlier.
In India, Hindalco plans to expand its Aditya Mahan smelter by 50,000 tonnes by March 2024. It said it's also considering adding another 180,000 tonnes a year at the same location and setting up a 1 million tonne a year alumina refinery in Odisha, among other expansion plans.
The company expects India's aluminium consumption to jump to about 8 million tonnes by March 2032 and copper usage to more than double in the same period.
As part of its India growth plans, Hindalco has also earmarked about US$286 million for its copper business and US$459 million for coal mine development.
The company's subsidiary Novelis Inc will invest as much as US$4.8 billion in the US, Brazil, Asia and Germany during the period, including some expansions announced earlier.
In India, Hindalco plans to expand its Aditya Mahan smelter by 50,000 tonnes by March 2024. It said it's also considering adding another 180,000 tonnes a year at the same location and setting up a 1 million tonne a year alumina refinery in Odisha, among other expansion plans.
The company expects India's aluminium consumption to jump to about 8 million tonnes by March 2032 and copper usage to more than double in the same period.
As part of its India growth plans, Hindalco has also earmarked about US$286 million for its copper business and US$459 million for coal mine development.
Alumina 98.5%min EXW China
Unit:RMB/mt
China alumina producers' operating rate statistics by province by month
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