Alcoa Corporation (NYSE:AA), the Pittsburgh-based aluminum and alumina producer, surged roughly 11% this morning after Iran’s Revolutionary Guard Corps struck aluminum smelters in Bahrain and Abu Dhabi over the weekend, sending LME aluminum as high as $3,492 per tonne in early trading, according to Bloomberg.
Century Aluminum Company (NASDAQ:CENX), the other major U.S.-listed producer, was up roughly 10% on the same move.
The IRGC hit Aluminum Bahrain’s facility, the world’s largest single-site smelter at 1.6 million metric tons of annual capacity, and Emirates Global Aluminum’s Al Taweelah site. EGA reported “significant damage,” according to CNBC.
Aluminum Is The New Oil
Aluminum Bahrain, the world’s largest single-site aluminum smelter, had already cut 19% of production on March 15 because of reduced …
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