By: Re exploration

Emirates Global Aluminum (EGA) is reportedly seeking equity partners for a planned aluminum smelter it intends to build in Oklahoma, according to sources familiar with the matter. The company, one of the world’s largest aluminum producers and owned by Mubadala Investment Co. and Investment Corporation of Dubai, is in early-stage talks with potential investors, including Mitsubishi Corp., though the targeted funding amount remains unclear.

The project, internally referred to as “EGA Inola,” was announced in May as part of a broader UAE investment pledge in the United States. An investor document reviewed by Bloomberg News indicates the smelter would require between $5 billion and $6 billion in capital investment and have an annual production capacity of approximately 750,000 tons of primary aluminum. EGA has hired Evercore Inc. as its financial advisor for the initiative.

The move aligns with a policy environment under President Donald Trump that has encouraged foreign investment to bolster domestic industry. It also coincides with rising aluminum prices, following the imposition of tariffs aimed at reducing U.S. reliance on foreign supplies. However, securing a competitive, long-term power agreement is a critical condition for the project, as electricity represents more than half of aluminum production costs, and U.S. power grids face increasing demand from data centers and artificial intelligence infrastructure.

If the project proceeds, construction is scheduled to begin in late 2026, with initial production anticipated by the end of the decade. The smelter would significantly reduce U.S. import dependence, given that the country relied on imports for about half of its aluminum consumption in the previous year.