One of the most significant updates in the global aluminium industry, Emirates Global Aluminium (EGA) — the world’s largest producer of ‘premium aluminium’ — has reported resilient underlying financial performance during the first half of 2025, despite softer market conditions.
EGA delivered underlying Earnings Before Interest, Tax, Depreciation and Amortisation (underlying EBITDA) of AED 3.82 billion ($1.04 billion), compared to AED 4.20 billion ($1.14 billion) in the first half of 2024. The decline was primarily due to Guinea supply disruption and the expropriation of Guinea Alumina Corporation (GAC), partially offset by higher realised aluminium prices.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “EGA is delivering on its bold growth agenda while transforming how aluminium is made and recycled. From advancing our plans for the first new primary aluminium plant in the United States in decades, to pioneering next-generation smelting technology and expanding our recycling footprint in both the UAE and the US, we are building the future of aluminium. These milestones reflect our commitment to innovation, sustainability, and global industrial leadership”
The average realised London Metal Exchange aluminium price was $2,538 per tonne, up from $2,303 per tonne in H1 2024, though prices fluctuated significantly due to global trade uncertainty and a weaker US dollar.
Regional premiums were also volatile. Japan’s MJP index peaked above $220 per tonne before falling to $90 by June. Europe’s MB duty-paid premium dropped from $360 to below $190. In the United States, aluminium import tariffs rose to 50 per cent, pushing the MW duty-paid premium from under $500 to over $1,500 per tonne by July.
Alumina prices rose early in the year due to supply disruptions in Australia, India, Jamaica, and Brazil, before easing as capacity expansions progressed in China, India, and Indonesia.
Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said “The volatility in aluminium prices is expected to continue in the second half of 2025 impacted by evolving trade policies and trade tensions. Meanwhile, the global balance for aluminium is expected to be a marginal deficit in 2025. As for alumina markets, prices are expected to continue trending lower as new capacities continue to come online in Asia.”
EGA’s primary hot metal production remained steady at 1.34 million tonnes. Cast metal output totalled 1.41 million tonnes, with EGA Leichtmetall contributing 10 thousand tonnes and EGA Spectro Alloys 33 thousand tonnes.
EGA sold 1.37 million tonnes of cast metal to over 400 customers in more than 50 countries, up from 1.31 million tonnes in H1 2024. The share of value-added products – ‘premium aluminium’- rose to 84 per cent (H1 2024: 82 per cent). Higher billet, slab and purity sales offset softer demand for foundry amid weaker-than-expected performance in the automotive sector.
Sales of low-carbon aluminium brands also grew. EGA sold 52 thousand tonnes of CelestiAL solar aluminium (including 19 thousand tonnes of CelestiAL-R with recycled content), up from 44 thousand tonnes in H1 2024. During the period, EGA signed a supply agreement with Hyundai Mobis for up to 15 thousand tonnes of CelestiAL per year by 2026.
RevivAL recycled aluminium sales surged to 41 thousand tonnes, from just two thousand tonnes in H1 2024.
Al Taweelah alumina refinery produced 1.14 million tonnes of alumina in the first half of 2025, slightly down from 1.22 million tonnes in H1 2024, primarily due to the need to use alternative bauxite sourced from suppliers outside Guinea. To mitigate this, EGA implemented modifications to enhance the refinery’s efficiency in processing other bauxite types. While Australia remained the main source of bauxite during the period, EGA signed an agreement in June 2025 with the Ghana Integrated Aluminium Development Corporation to explore long-term offtake arrangements and collaborate on rail and port infrastructure to support expanded production in the Republic of Ghana.
EGA continues to pull all available levers to grow margins and offset the negative impact of the situation in Guinea. The Najah transformation programme has played a significant role in recent years and has now been strengthened and extended to focus on sales, cost control, capital expenditure, and operating capital efficiency. These efforts, combined with a continued emphasis on maximising production and increasing the share of value-added products, enabled EGA to maintain a competitive aluminium segment EBITDA margin of 22.8 per cent in the first half of 2025 (H1 2024: 27.5 per cent), continuing to lead global industry peers.
