London-based mining giant Glencore announced Friday its purchase of a 45% ownership interest in an aluminum recycling and remelting facility located near Charleston, South Carolina, bolstering the company’s presence in America’s aluminum supply network.
The acquisition comes as ongoing conflicts in the Middle East have disrupted supply chains and driven up prices for aluminum, a crucial metal used in transportation, construction, and packaging industries.
“This partnership reinforces Glencore’s active participation in supporting a resilient and sustainable domestic aluminium supply chain in the United States,” the company stated. Glencore previously held a 30% ownership stake in Century Aluminum, a U.S.-based aluminum producer.
Prior to this purchase, Glencore had provided financial backing to the Charleston-area facility in return for marketing rights to its products.
Alumicore, an aluminum melting and recycling company, will maintain the remaining 55% ownership stake and continue operating the South Carolina facility.
The company currently operates a facility in Pennsylvania and is developing another plant in Pittsburgh.
When all three locations become fully operational, they are projected to process more than 120,000 tonnes of aluminum annually through recycling operations.
