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Emirates Global Aluminium (EGA) has finalized its acquisition of German aluminum recycling company Leichtmetall Aluminum Giesserei, according to a statement released on Friday. EGA closed the transaction with Leichtmetall Holding after receiving regulatory approval, the company said without providing details on the value of the purchase.
Background: The company revealed the transaction in March, marking its first major acquisition since it was formed through the merger of Dubai Aluminum and Emirates Aluminum.
The acquisition will bolster EGA’s renewable production capacity: Leichtmetall’s facilities operate with an annual production capacity of 30k tons of billets using renewable energy, with 80% of the input material being secondary aluminum. The new capacity will be added to 600k tons of primary aluminum EGA exports to Europe annually, bringing the company closer to European customers, as the EU inches closer to introducing its tax on carbon-intensive imports in 2026. Recycled aluminum is set to account for around 60% of global aluminum demand by 2030 and 70% by 2040, to reach 57 mn tons, EGA noted in its statement.
