Exports of Japanese aluminum scrap are approaching record levels this year, fueled by a weaker yen and higher recycling capacity in Korea.
A Swiss tribunal has found that Rusal, the Russian aluminum giant, is owed $275 million from Tajik Aluminum Company, Tajikstan's largest enterprise.
Aluminum is one of the most commonly used elements in the world.
The outlook for aluminum is more positive than the steep drip in price since April may suggest.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its unaudited Condensed Consolidated Interim Financial Statements for the quarter and the nine month period ended September 30, 2013. The Company reported a decrease in loss before net finance income and income and mining taxes of $2.8 million (56%) compared to the previous quarter in 2013.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed a preliminary short form prospectus of up to $16 million in Units comprised of Convertible Unsecured Debentures and Share Purchase Warrants of the Company. Orbite Aluminae also secured a binding subscription commitment for $40 million in additional Units in additional funding from Crede Capital Group, who has also agreed to purchase $10 million of Units under the Offering.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) provided an update on its ongoing financing initiatives. Its Short Form Prospectus dated July 15, 2013 has since expired and was not renewed or extended by the Corporation.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) confirmed that it is currently in discussions with the government of Quebec regarding financing alternatives.
Bloomberg reported that according to the Tiberius Group, aluminum prices will most likely drop after investors begin to unwind financing deals overshadowing most of London Metal Exchange stockpiles.
MSNBC reported that Reliance Steel & Aluminum Co.'s (NYSE:RS) third-quarter profit surged 74 percent due to rise in steel volumes as well as prices.
Bloomberg reported that Aluminum Corp. of China Ltd., (SHA:601600) announced that few of its units will most likely face difficult cash-flow situations as prices continue to inch down.
Zacks analyzed the top five companies in the aluminum imarket as measured by beta.