Glencore secured a 45 per cent stake in an aluminium recycling and remelting plant near Charleston, South Carolina, raising its position in the US aluminium market.
The move is due to global supply chains facing pressure because of the conflict in the Middle East, which has affected availability and pushed up aluminium prices. The metal is widely used in sectors such as transport, construction, and packaging, making a stable supply important for the industry.
Glencore already holds a 30 per cent stake in Century Aluminum and had earlier provided funding for the Charleston-area facility in return for marketing rights. With this new investment, the company is increasing its involvement in aluminium recycling and supply within the United States.
The company said, “This partnership reinforces Glencore’s active participation in supporting a resilient and sustainable domestic aluminium supply chain in the United States.”
The remaining 55 per cent stake in the plant will be held and operated by Alumicore. The company currently operates a recycling facility in Pennsylvania and is also developing another plant in Pittsburgh.