Agenda

• Outline of course content • Supply chain introduction • Metal consumption by secondary • Bauxite to primary overview • Production and value chain overview

Bauxite mining

• Introduction • Processing and shipment

Alumina refining

• Refineries • Digestion • Red mud storage • Precipitation • Calcination • Transport

Aluminium smelting

• Prebake reduction • Prebake cell in operation • Anode production • Anode consumption • Prebake potline • Casthouse features • Casthouse products

• Value-add in mining, refining and smelting • Growth comparisons with steel, copper, nickel and zinc • Chinese consumption vs. ROW • Aluminium end-uses • Substitution trends vs. steel and copper • Substitution threats and opportunities • Aluminium by volume and value • Prices – historical development • Aluminium prices in the modern era • Consolidation and de-integration • Shift from integration • Top primary aluminium producers

Bauxite

• Supply chain introduction • Reserves: Location of production • Bauxite production growth • Trade flows • Cost breakdown • Freight • Bauxite quality and value-in-use • Bauxite pricing • Bauxite current issues

Alumina

• Global production • Location of production • Cost breakdown • Trade flows • Alumina pricing • Factors driving alumina prices • Non-metallurgical uses of bauxite and alumina • Alumina – current issues

Caustic soda

• Caustic soda price volatility • Relationship between caustic soda production and chlorine

Carbon products

• Use of carbon anodes in smelting • Production of petroleum coke • Production of coal tar pitch • Coal tar pitch, green and calcined coke balances • Prices of CTP and PC • Anodes and anode trade • Issues in carbon products

• Supply chain introduction • Smelter overview • Cost structure • Technology (prebake, Soderberg, inert anodes) • Location of production - Factors affecting location • Power costs and energy sources • Smelter products • Cast house products and their uses in semis • Primary consumption – by sector, by product • Transport uses and drivers • Competing materials in the packaging sector • Competing materials in other sectors • Aluminium demand drivers • Substitution – gains and losses • Trade flows • Pricing of primary and primary price history • Premiums • China supply reform • China production – gearing up for the low carbon market • Will low carbon/green aluminium trade at a premium?

• Aluminium cycle • Calculation of scrap supply • Scrap collection • Production methods: sorting, refining and remelting • Share of secondary in automotive • Location of secondary production and scrap trade flows • Factors affecting higher recycling rates • Pricing – remelt and secondary alloys • Pricing of scrap - different grades • Case study – Green aluminium and recycling • Policy, technology and markets • Recycled metals vs. primary

• Position on the supply chain • Smelter products • Spread of end uses • 4 main types of semi-finished product • Aluminium alloys

Rolled products

• Rolled product production • Scrap usage in rolled products • Main rolled product alloys • Rolled product production by region • Rolled product production by alloy and market • Conversion costs • Spread of low to high value add products • Demand growth • Application, drivers and competition • Substitution – threats and opportunities • Rolled products trade • Conversion fees – US and Europe • Top producers and current issues

Extrusions

• Position on supply chain • Global production growth • Extrusions raw materials • Consumption by sector • Applications, drivers, alloys and substitutes • Pricing • Industry structure • Castings production process • Primary and secondary foundry alloys production • Castings raw materials • Consumption by end use and region • Castings applications • Pricing methods

Wire and Cable

• Products and processes • Raw materials • Consumption by region • Wire rod – application, end uses and substitutes

• Long run marginal costs – price anchor • Calculation of long run marginal costs • Capital and operating costs in smelting and alumina • Short run marginal costs • Fixed, variable and avoidable costs • Shifts in SRMC • Fundamental drivers of demand • Demand cycles • Role of inventory • Price and income elasticity • Price cycles - fundamental causes • Price cycle boundaries • Non-fundamental factors – anticipate and amplify • Regional premiums • Cast house product upcharges • Netbacks • Price mechanisms across the value chain • Anti-dumping

• Sustainability and ESG • Sustainability goals milestones • Sustainability issues affecting aluminium companies • Materiality impact and importance for aluminium companies • Industry priorities • Carbon emissions and power source • Aluminium emissions cost curve • Alumina emissions cost curve • Path to net zero • Recycling and circular economy • Environmental hazards • Other environmental issues • Aluminium stewardship initiative