AIP Claims Ownership Of GFG Alliance’s Duffel Aluminium Rolling Plant In Belgium
An investment firm in a legal battle with Sanjeev Gupta’s GFG Alliance said this week that it is now the...
Greensill Capital
Lochaber Aluminium Smelter Loses £4 MM Despite £586 MM Government Guarantee
A financial report recently released by GFG Alliance shows that the Lochaber aluminium smelter in Scotland lost over £4 million after receiving a government guarantee of £586 million in the 2020-2021 fiscal year. According to the financial results, the Lochaber smelter was...
Independent Financial Auditor Opens Investigations Into GFG Alliance’s Aluminium And Steel Holdings
Britain’s independent financial auditing regulator begun last week four different investigations into Sanjay Gupta’s Gupta Family Group (GFG) Alliance’s aluminium...
Evtec Takes On GFG Alliance Subsidiary Liberty Aluminium Technologies Upon Jaguar Land Rover’s Urging
GFG Alliance sold off two aluminium parts factories last week and will be closing a third after Jaguar Land Rover...
Events
Sanjeev Gupta’s GFG Alliance Under Investigation By French Officials For Dunkirk Aluminium Smelter Funding Deal
Sanjeev Gupta’s GFG Alliance is facing an investigation by French authorities into allegations that the firm may have been involved in misuse of corporate assets and money laundering, among other charges. This week’s revelation is yet another blow to GFG Alliance, which has been navigating the stormiest of seas since major financial backer Greensill Capital […]
GFG Promises Legal Action Against AIP To Regain Dunkirk Aluminium Smelter
GFG Group pledged on Tuesday to fight back against an ownership transfer of Dunkirk aluminium smelter to American Industrial Partners (AIP) that occurred last week due to GFG Group’s default on a loan to AIP. GFG said in a statement that it will pursue legal avenues against AIP’s transfer, accusing it of acting in bad […]
GFG Alliance In Talks With Glencore Over Refinancing Aluminium Assets’ Debt
The struggle to keep Gupta Family Group Alliance’s assets funded continued last week as its head Sanjeev Gupta continued talks with Glencore plc to refinance the debt of GFG Alliance’s aluminium assets in Europe. Sources told AlCircle over the weekend that Glencore is in talks with GFG Alliance to refinance its over US$500 million in […]
GFG Alliance Reaches Standstill Agreement With Credit Suisse On Australian Assets
Gupta Family Group Alliance and Credit Suisse have reached a standstill accord on its Australian plants yesterday that will allow the two parties to come to terms with the collapse of GFG’s financier Greensill Capital. GFG said in a statement that it expects the pause to give it time to sort out the issues surrounding […]
Business As Usual At Lochaber Aluminium Smelter As Fraud Probe Of GFG Commences
Aluminium smelting operations continue as usual at GFG Alliance’s Lochaber smelter despite an investigation into its parent company for serious financial crimes. On Friday the Scottish government’s Serious Fraud Office said it had begun an investigation into the firm for “suspected fraud, fraudulent trading and money laundering” related to the financing of GFG’s various companies. […]
Biden Infrastructure Bill A Big Boon To Aluminium Industry: Norsk Hydro VP Mike Stier
Earlier this month the United States Congress passed into law President Joe Biden’s US$1.2 trillion infrastructure package. The Investing in a New Vision for the Environment and Surface Transportation in America Act (or the INVEST in America Act) will allocate US$550 billion ...
The Net-Zero Shift Starts With Low Carbon Aluminium
2020 was supposed to be “year of climate action”, with the Glasgow COP26 acting as a major milestone for both ...
Aluminium at the LME Week – Key Takeaways
Between October 28 and November 1st, London hosted the traditional London Metals Exchange (LME) Week gathering of analysts, brokers, traders ...
Aluminium Market Oversupplied, Demand Growth Flat
Base metals prices reacted positively to the progress registered in the latest round of US – China trade talks in ...
