UAE’s Emirates Global Aluminum (EGA) is adding 66 reduction cells to expand hot aluminum production at its Al Taweelah smelter by 78,000mt. The project is 60pc complete and the new cells will be fired up in three phases this year.
EGA expects benchmark aluminum prices to remain at around $2,000/mt throughout the year as the global economy recovers.
The company sold 2.52mn mt of cast aluminum in 2020, down by 3pc from 2.6mn mt in the prior year. Domestic sales accounted for 10pc or 252,000mt. The firm’s value-added product sales totaled 1.8mn mt. During the year, Al Taweelah produced 1.92mn mt of primary aluminum, slightly lower than its full capacity of 2mn mt.
EGA posted an EBITDA of AED4.1bn ($1.13bn) in 2020, up by 63pc from AED2.5bn in 2019. Its smelting margin increased to 23pc last year from 14pc in 2019. However, its revenue during the year fell by 9pc to AED18.7bn from AED20.5bn a year ago.
($1=AED3.67)