April 10 (Reuters) – Glencore on Friday said it acquired a 45% stake in an aluminium recycling and remelting plant near Charleston, South Carolina, strengthening the London-listed miner’s position in the U.S. aluminium supply chain. The deal comes at a time when the conflict in the Middle East has created supply chain bottlenecks and sent […]
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Glencore buys 45% stake in South Carolina aluminium recycling plant
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April 10 (Reuters) – Glencore on Friday said it acquired a 45% stake in an aluminium recycling and remelting plant near Charleston, South Carolina, strengthening the London-listed miner’s position in the U.S. aluminium supply chain.
The deal comes at a time when the conflict in the Middle East has created supply chain bottlenecks and sent prices of the metal, used in transport, construction and packaging, surging.
“This partnership reinforces Glencore’s active participation in supporting a resilient and sustainable domestic aluminium supply chain in the United States,” Glencore, which already holds a 30% stake in the U.S. aluminium producer Century Aluminum, said.
Glencore had previously funded the Charleston-area facility in exchange for marketing rights.
Aluminium melting and recycling company Alumicore will hold the remaining 55% stake and operate the South Carolina plant.
Alumicore runs a facility in Pennsylvania and has a plant under development in Pittsburgh.
Once all operational the three sites are expected to recycle more than 120,000 tonnes of aluminium annually .
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Tasim Zahid)