EGA Seeks Equity Partners for Oklahoma Aluminum Smelter Project
Mitsubishi Corp. is said to be among the companies exploring a possible investment, but negotiations are still at a preliminary phase.
SEATTLE (Scrap Monster): Emirates Global Aluminum (EGA) is seeking equity partners for its planned aluminum smelter in the United States, according to sources familiar with the matter. The UAE-based producer is in early-stage discussions with potential investors for the proposed facility in Oklahoma, though the exact amount of capital it intends to raise has not been disclosed.
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Mitsubishi Corp. is said to be among the companies exploring a possible investment, but negotiations are still at a preliminary phase. Spokespersons for both EGA and Mitsubishi have declined to comment.
EGA has engaged Evercore Inc. as financial adviser, according to investor materials. The project, internally known as “EGA Inola,” is expected to require capital expenditure of around $5 billion to $6 billion and would have an annual production capacity of approximately 750,000 metric tons of primary aluminum.
The Oklahoma plant was announced earlier this year as part of a broader UAE investment push into U.S. manufacturing. The initiative comes amid higher U.S. aluminum prices following new tariffs and growing competition for electricity, driven largely by rapid expansion in data centers.
Key Project Highlights
· Location: Oklahoma, United States
· Estimated investment: $5–6 billion
· Annual capacity: ~750,000 metric tons
· Adviser: Evercore Inc.
· Construction start: Late 2026
· First production: By end of the decade