SEATTLE (Scrap Monster): The Aluminum Association, in its latest weekly newsletter, noted that aluminum industry has invested in excess of $4 billion in the U.S. over the past decade. The industry continued to place bets on future of aluminum production, fabrication and recycling in the country.
The investments have started to pick up following a relatively dormant period during the Covid-19 pandemic outburst in 2020.
For instance, Novelis committed to build an advanced recycling center for automotive aluminum near its auto sheet finishing plant in Gutherie, Kentucky. This was followed by the $167 million investment by Commonwealth Rolled Products in automotive sheet rolling and $140 million investment by Norsk Hydro in setting up a Greenfield recycling facility. According to the Association, North America has emerged as one of the best places in the world for doing aluminum business.
The consumption of aluminum is expected to grow to 514 pounds per vehicle by 2026, recording a surge by over 25% during the past decade. The demand for the material witnesses strong improvement in packaging and building markets. The U.S. aluminum industry is projected to drive modern manufacturing in the U.S., the Association noted.