EGA Utilizes Green Loan for U.S. Aluminium Recycling Firm Acquisition

Emirates Global Aluminium (EGA), one of the world’s largest aluminium producers, has leveraged a green loan facility to acquire a majority stake in Spectro Alloys, a U.S.-based aluminium recycling company. The loan, supported by multiple international banks, enables EGA to access a larger liquidity pool to fund low-carbon projects while optimizing borrowing costs.

In September 2024, EGA completed its acquisition of an 80% stake in Spectro Alloys, a leading secondary foundry alloy producer located in Minnesota. The firm has an annual production capacity of approximately 110,000 tonnes of aluminium ingots. This acquisition expands EGA’s footprint in the U.S., one of its largest global markets.

“Aluminium demand is expected to grow worldwide by up to 80% by 2050,” said Abdulnasser Bin Kalban, CEO of EGA. “Recycled and low-carbon primary aluminium are expected to account for around 60% of supply growth between now and 2030.”

Sustainability Financing Efforts EGA has been a pioneer in sustainable financing within the GCC, opening its first sustainable corporate bank accounts in 2022. These accounts ensure that cash balances are used to finance or refinance sustainability initiatives across various sectors. Over the past three years, EGA has deposited approximately $180 million into these accounts, maintaining an average cash balance of $25.5 million.

This strategic acquisition and commitment to sustainability underline EGA’s role in advancing low-carbon solutions in the aluminium industry.