Growth in the supply of semi-finished aluminum products raises concerns

At the first meeting of the working group on the aluminum industry, formed by Russia and the UAE, deep concern was expressed about the growth in exports of semi-finished aluminum products, especially from China. During the meeting, held in Moscow, they also discussed measures to ensure transparency and fair pricing on the London Metal Exchange (LME).

The working group decided to strengthen ties between the two countries to jointly solve the problem and develop opportunities in the aluminum industry. According to the parties, the exponential growth of exports of semi-finished aluminum products raises serious concerns. The Group noted that most of these products are further smelted and sold as primary aluminum in international markets.

The Russian side was headed by Sergei Tsyb, Deputy Minister of Industry and Trade of the Russian Federation. A delegation from the UAE arrived led by Said Almazroui, CEO of Emirates Global Aluminum in the UAE. The working group also decided to hold the next meeting at the end of the year, which will be held in Abu Dhabi, the capital of the UAE.

Emirates Global Aluminum (EGA) is a 50/50 joint venture between Mubadala Development Company Abu Dhabi and Dubai Investment Corporation. EGA is an aluminum conglomerate that includes bauxite, alumina and primary aluminum. More than 90 percent of the total production is exported worldwide. The key markets for the company are Asia, the regions of the Middle East and North Africa, Europe and America.