Century Aluminum is poised to acquire a 40% stake in Emirates Global Aluminum’s planned U.S. smelter, the companies announced on Monday. The smelter is the first major aluminum plant to be built in the country in nearly 50 years.
EGA, which owns 60% of the joint venture, announced plans to build a smelter in Inola, Oklahoma in May 2025.
The companies did not disclose financial terms of the deal.
EGA said last year it expected to invest about $4 billion in developing the project.
Century’s participation will increase the smelter’s annual aluminum production capacity to 750,000 tons from the previous 600,000 tons, which will more than double U.S. aluminum production, the companies said.
Construction of the smelter is expected to begin by the end of the year, with production beginning by the end of this decade, the companies said, adding that the project will create 1,000 permanent jobs on site and support 4,000 construction jobs.
A smelter that benefits the defense, automotive and construction sectors
US President Donald Trump is aiming to expand domestic production of aluminum, which is included on the US list of critical minerals, by imposing tariffs on imported products.
The levy has doubled since last June to 50%, and the Midwest aluminum premium (which U.S. consumers typically pay on top of the London Metal Exchange spot aluminum price) rose this month to a record 99 cents per pound, or about $2,183 per ton.
Jesse Gary, CEO of Chicago-based Century Corp., said the U.S. auto, aerospace, construction, packaging and defense industries would benefit.
“Currently, approximately 85% of U.S. industry’s aluminum needs are met by imports. The new smelter will expand the domestic supply of this critical mineral, expand the U.S. aluminum workforce, and revitalize U.S. aluminum expertise and know-how,” EGA and Century said in a statement.
(Reporting by Anmol Choubey and Tom Daley in Bengaluru; Editing by Louise Heavens and Bernadette Baum)
