The Department of Energy is looking to cut billions more in federal funding, and many promising startups as well as automakers Ford, General Motors, and Stellantis could be affected by the Trump administration’s decision. The proposed cuts would cancel more than $500 million of contracts awarded to more than a dozen startups, according to a TechCrunch analysis of an internal document that has not become public yet. All of the proposed cuts are grants that had been awarded under the Bipartisan Infrastruct ...

Alcoa has announced the permanent closure of its Kwinana alumina refinery in Western Australia (WA) following a curtailment of production in June last year. The decision was influenced by factors such as facility age, scale, operating costs, market conditions and bauxite grade challenges. The permanent closure of Kwinana's facility, which has an annual capacity of 2.2 million tonnes (mt), will reduce Alcoa's global consolidated refining capacity to 11.7mt. As of now, the Kwinana refinery employs around ...

Alcoa (NYSE:AA) said late Monday it will permanently close its Kwinana alumina refinery in Western Australia, citing the age of the facility, scale and operating costs, market conditions, and bauxite grade challenges. The decision followed the curtailment of production at ...

Alcoa said it will permanently shut its Kwinana alumina refinery in Western Australia, citing negative market conditions and falling ore grades from nearby mines https://t.co/Qj9xbHSC1l ...

Core Viewpoint - Alcoa Corporation has announced the permanent closure of its Kwinana alumina refinery in Western Australia following a production curtailment in June 2024, driven by multiple factors including the age of the facility [1] Company Summary - The decision to close the Kwinana refinery comes after extensive studies and analyses regarding its future, including options for restart and closure [1] - The refinery's production was curtailed in June 2024, indicating a significant operational shift for the company [1] Industry Summary - The closure of the Kwinana alumina refinery reflects broader trends in the alumina industry, where aging facilities may face increased scrutiny and potential shutdowns [1]

Summary of J.P. Morgan Aluminium Dashboard Industry Overview - **Industry**: Aluminium and Alumina Producers - **Global Demand**: Increased by 3% year-to-date (YTD) through July, with China up by 4% and the Rest of the World (RoW) up by 2% [1][15] - **Global Production**: Softer growth at 1.5% globally, with China at +2% and RoW flat [1] - **Global Inventories**: Remain low at approximately 1,125kt, but have increased by about 300kt since late June, still below 2024 levels and near decade lows for this time of year [1] Key Insights - **Alumina Prices**: Decreased from approximately $380/t in late July to $337/t at spot, with the alumina/aluminium linkage rate at 13%, below the average of 17% [1] - **Aluminium Prices**: Up by 5% YTD, with forward curves in slight contango [1] - **Market Outlook**: J.P. Morgan's Global Commodities Research team anticipates a balanced market this year and a mild surplus next year [1] Investment Recommendations - **Overweight Calls**: - Rio Tinto (RIO AU/RIO LN) - Norsk Hydro (NHY NO) - Press Metal (PMAH MK) [1] Financial Metrics of Key Companies - **Rio Tinto Ltd.**: - Market Cap: $108.3 billion - EV: $126.7 billion - Price Target: $123.0 (6% upside) - EV/EBITDA: 5.7 [4] - **Norsk Hydro**: - Market Cap: $13.1 billion - EV: $15.2 billion - Price Target: $73.0 (11% upside) - EV/EBITDA: 5.1 [4] - **Press Metal**: - Market Cap: $10.9 billion - EV: $11.8 billion - Price Target: $5.9 (6% upside) - EV/EBITDA: 16.3 [4] Consensus Estimates - **Rio Tinto NPAT**: - FY26: $9,661 million (1% below consensus) - FY27: $9,757 million (8% below consensus) [9] - **Norsk Hydro NPAT**: - FY26: $14,939 million (23% above consensus) - FY27: $11,972 million (15% below consensus) [9] Production and Demand Summary - **China Aluminium Production**: Expected to increase from 24.9 Mt in July 2024 to 25.4 Mt in July 2025 (2% increase) [15] - **Global Aluminium Demand**: Projected to rise from 41.4 Mt in July 2024 to 42.7 Mt in July 2025 (3% increase) [15] Additional Insights - **Alumina Production in China**: Expected to rise from 79.8 Mt in 2023 to 83.7 Mt in 2024 [17] - **Global Production Trends**: Year-to-date production shows a 2.6% increase globally, with specific regional variations [17] This summary encapsulates the key points from the J.P. Morgan Aluminium Dashboard, highlighting the current state and outlook of the aluminium industry, along with specific investment recommendations and financial metrics for key companies.

Aluminum and Alumina Market Update - The price of alumina has decreased from the highs at the end of 2024 due to resolved supply disruptions, stabilizing around $360 to $370 [3] - China has taken offline approximately 7 million to 10 million annual capacity in the second quarter, contributing to price stabilization [3] - The alumina market is expected to be in surplus for the second half of the year and into 2026, with new capacity coming online from Indonesia and China [3] - Delays in Indonesian smelting capacity are anticipated, which may further contribute to the surplus in the alumina market [3]

Group 1 - The alumina market has seen a decrease in prices from the highs at the end of 2024 due to resolved supply disruptions, stabilizing around $360 to $370 [3] - The alumina market is expected to be in surplus for the second half of the year and into 2026, with new capacities coming online from Indonesia and China [3] - Indonesian smelting capacity delays are anticipated, which may contribute to a greater surplus in the alumina market [3] Group 2 - An update on the aluminum market was mentioned, but specific details were not provided in the available content [4]

Market Overview - The alumina market is currently in surplus following supply disruptions from the previous year, leading to a decrease in API prices expected in 2025 [3] - The aluminum market outlook is being discussed with investors, indicating a focus on both short-term and long-term trends [2] Company Insights - Alcoa's Executive VP & CFO, Molly Beerman, has been engaging with investors to address inquiries regarding market conditions, tariffs in Australia, operations in Spain, and capital returns [2]

Core Viewpoint - Nanshan Aluminium International Holdings reported strong interim results for 1H25, with significant revenue and profit growth driven by rising alumina sales prices and volumes [1][2]. Financial Performance - Revenue increased by 41.0% year-on-year to approximately US$597 million, while profit attributable to shareholders surged by 124.2% year-on-year to around US$248 million, slightly exceeding expectations due to higher-than-expected sales prices [1]. - Gross profit rose by 70.1% year-on-year, with gross margin improving by 8.7 percentage points to 50.9% [2]. - The selling price of alumina increased by 36.9% year-on-year to US$529 per ton, while operating costs rose by 16.3% year-on-year to US$260 per ton [1]. Tax and Dividend - The company will face an increase in corporate income tax to 15% effective January 1, 2025, due to compliance with the Global Anti-Base Erosion Rules [2]. - An interim dividend was declared for the first time since the IPO, with a payout ratio of approximately 20% to reward shareholders [2]. Production Capacity and Expansion - Nanshan Aluminium is a leading alumina producer in Southeast Asia, with ongoing project construction progressing faster than expected [3]. - The company has built alumina production capacity of 3 million tons per year, with Phase II of a new project expected to start production in Q4 2025 or Q1 2026 [3]. Competitive Advantages - Cost advantages stem from Indonesia's abundant bauxite and coal resources, along with an expanding deep-water port to enhance logistics efficiency [5]. - Regional advantages include tax incentives for up to 20 years in the Galang Batang KEK, allowing alumina products to be utilized throughout Southeast Asia [5]. - Shareholder advantages arise from strong industrial synergies among the major shareholders in midstream alumina production, downstream consumption, and upstream bauxite supply [5]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 7% and 9% to US$374 million and US$500 million, respectively [5]. - A-shares are trading at 9x and 6x estimated P/E for 2025 and 2026 [5]. - The target price has been raised by 58% to HK$52.59, reflecting a 25% upside based on upward earnings revisions and improving market risk appetite [5].