Emirates Global Aluminium (EGA), based in the United Arab Emirates, is planning further acquisitions of US assets. This comes after their initial deal last year, which is proving beneficial as tariffs on metal imports into the US have led to increased prices in the market.
Last year, EGA made its first acquisition in the US by purchasing 80% of Spectro Alloys Corp., a Minnesota-based company. The deal has already shown its value, providing EGA with a supply that bypasses tariffs, according to Abdulnasser Bin Kalban,the Chief Executive Officer of EGA. He made these remarks during a conference in Dubai.
Kalban mentioned that the Midwest premium for metal produced in such plants is rising. EGA has plans for more investments in the US. Even before President Donald Trump announced a 25% tariff on aluminum and steel imports, the company was already considering two more deals. Alongside this, EGA will also explore potential deals in Europe, added Kalban.
Source: investing
