CRU aluminum industry highlights

TAB Bank, an online bank focused on serving small businesses, recently announced a $27.8-million credit facility for an aluminum extrusion manufacturer based in Southern California. This financial package, which includes a $20-million revolving line of credit and a $7.8-million term loan, is designed to support the manufacturer through challenging times, particularly after facing difficulties with its previous lender.

Brett Horwitz, TAB Bank’s managing director and head of originations for the Western Region, expressed the bank’s enthusiasm, stating, “TAB Bank is excited about the potential of this partnership, as the leading aluminum manufacturer plays a crucial role in the overall economy and infrastructure of our country.”

He added, “This new credit structure not only provides opportunities for growth but also supports more efficient operations. We look forward to supporting the company’s management team as they continue to scale the business.”

Gulf Extrusions wins Gaia Award


Gulf Extrusions (Gulfex) has been recognized as a winner of this year’s esteemed Gaia Awards. These awards are among the construction and building materials industry’s most prestigious honors, celebrating innovative products and equipment that contribute to a more sustainably built environment. Gulfex received the award for its X-ECO aluminum alloy line.

Alba reports its financial results for Q2 & H1

Alba announced its results for Q2’24 and H1’24. The producer reported an EBITDA of $289 million in Q2, up 42% y/y. For H1’24, EBITDA of $469 million was reported, up 8% y/y amid sales of $1.9 bn, down 2% y/y. This led to a profit of $182 million in Q2’24 and a profit of $247 million for H1’24, up 129% y/y and 20% y/y, respectively.

Commenting on the results, Alba’s CEO Ali Al Baqali said: “The aluminum industry continues to face economic headwinds. However, focusing on the aspects within our control has enabled us to navigate these challenges while positioning ourselves for sustained growth when market conditions improve.”

In terms of operational performance, Alba produced 403,737 metric tons of primary in Q2’24, down 0.5% y/y, with a VAP sales share representing 73% of the mix versus 70% in Q2’23. The company’s top and bottom lines were driven by higher LME prices in Q2’24 and H1’24, which were 11% and 1% higher y/y, respectively. However, lower premiums (down 21% in Q2’24 and 32% in H1’24 compared to the previous year) partially offset these gains.

Alba’s Chairman of the Board of Directors Khalid Al Rumaihi said: “Building on our Q1 performance and despite navigating a challenging market landscape marked by depressed premiums, we are pleased to report another quarter of solid results thanks to our dedication to operational excellence. This performance has enabled us to return value to shareholders through an interim cash dividend of US$70 million. We are confident that if premiums had held steady at Q2’23 levels, our performance would have been even more robust. We remain optimistic about our prospects for the remainder of 2024.”

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