• Skip to main content

    AMU

    June 28, 2024

    CRU aluminum news roundup

    Written by Marziyeh Horeh

    Hydro and Macquarie begin renewable energy partnership

    It was announced this week that Hydro has completed the transaction for the sale of 49.9% of the renewable energy company, Hydro Rein, to Macquarie Asset Management. The transaction values Hydro Rein at $333 million as per June 30, 2023, subject to closing adjustments. Macquarie contributes $214 million of this amount at closing. The funds will be transferred by June 25 of this year. The remaining part of the committed capital will be contributed over time as the need arises, it was specified. The impact from the transaction will be recognized in Hydro’s income statement for the second quarter and excluded from “Adjusted results.”

    Marziyeh Horeh

    Marziyeh Horeh is an aluminum analyst at CRU. She covers extrusions and the secondary market in North America. Prior to joining CRU in August 2023, Marziyeh was a post-doctoral fellow at Purdue University focusing on the economics of climate change and sustainability. Marziyeh holds a PhD in Natural Resource Economics from West Virginia University.

    Read more from Marziyeh Horeh

    Latest in AMU

    The words "Aluminum Market Update" in white against a dark blue background

    AMU: Edward Meir’s week in review and thoughts for the week of Oct. 12, 2026

    Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.