In the aluminum industry, closing a smelter is an agonizing decision. Once power is cut and the production “pots” settle back to room temperature, it can take many months and tens of millions of dollars to bring them back online.
As production drops, the hundreds of European manufacturers that turn metal into parts for German cars or French airplanes are left increasingly reliant on imports that could get costlier. Some buyers are also trying to avoid metal from Russia, which is usually a big supplier to Europe. At recent market prices, the annual power bill for the Slovalco smelter would be around two billion euros, according to Chief Executive Officer Milan Vesely. Slovalco decided to mothball the plant due to a combination of surging energy prices and a lack of emissions compensation that is available to smelters elsewhere in the bloc.
In Germany, the power needed to produce a ton of aluminum would have cost roughly $4,200 in the spot market on Friday after topping more than $10,000 last month, according to Bloomberg calculations. The London Metal Exchange futures price was around $2,300 a ton on Friday. That means curtailments look set to accelerate over the winter.
But while Europe’s production losses account for about 1.5% of global supply, they will leave consumers in Europe increasingly reliant on imports that will be costlier and carry a heavier carbon footprint.
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