UAE News: Emirates Global Aluminum Says Prices to Remain Under Pressure - Bloomberg
The biggest aluminum producer in the Middle East, whose shareholders are considering an initial public offering, said prices for the metal would remain under pressure because of the global economic slowdown.
Emirates Global Aluminium PJSC’s net income rose 34% to a record $2 billion in 2022. The company’s performance was bolstered by a surge in commodity prices after Russia’s invasion of Ukraine early in the year and slowed in the second half.
Aluminum, used in everything from beer cans to plane parts, reached an all-time high of more than $4,000 a ton in London following Moscow’s attack. It’s since fallen to $2,375, with sales slumping as central banks raised interest rates to combat inflation.
“The more difficult conditions in the second half of 2022 continue into 2023,” Chief Executive Officer Abdulnasser bin Kalban said in an interview.
Demand is set to rise 1% to 2% in 2023, Chief Financial Officer Zouhir Regragui said in a statement.
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