Conclusion of MOU Regarding Strategic Collaboration for Decarbonization, etc. with Emirates Global Aluminium

November 18, 2022

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced today that it has signed a MOU regarding a strategic collaboration for decarbonization, etc. with Emirates Global Aluminium PJSC (headquartered in Abu Dhabi, UAE; Abdulnasser Bin Kalban, CEO; hereinafter "EGA"), a world-leading aluminum smelting company and a manufacturer of high-value-added products.

ITOCHU has sold high-value-added aluminum products manufactured by EGA to customers in Japan and mainly Japanese companies in Asia, North America, and Europe for over 40 years. In 2022, our transaction volume had expanded to have a more than 50% share of the imported high-value-added aluminum product market in Japan. Following this expansion of the transaction volume and the establishment of a good, long-term relationship, ITOCHU aligned to sign a MOU with EGA, aiming to strengthen our partnership in new business areas.

Amid the globally accelerated movement toward carbon neutrality, the production of high value-added products that respond to decarbonization and market needs is positioned as an urgent issue in the aluminum industry and also in other non-ferrous metal industries.
By signing this MOU, EGA and ITOCHU have agreed to explore potential projects that include some that would be new industrial activities in the UAE, such as the further processing of EGA’s metal to produce super-high purity aluminum for specialized applications, and the recycling of copper that is used in EGA’s production process. The two companies will also explore cooperation in automatic replacement equipment for essential materials in aluminum smelting process, and the development of new aluminum alloys with third parties as a part of market-in approach.

ITOCHU and EGA will also consider working together on EGA’s already-announced projects to develop the UAE’s largest aluminum recycling facility and a plant to produce silicon metal, which is a raw material for ‘premium aluminum’.

ITOCHU sets "Enhancing our contribution to and engagement with the SDGs through business activities" and "realizing business transformation by shifting to a market-oriented perspective" as pillars of its Basic Policies in the Medium-term Management Plan Brand-new Deal 2023. Through the conclusion of this MOU, we will work with EGA to promote the decarbonization and recycling business and the use of renewable energies, etc. ahead of other countries and accelerate the production of high-value-added products that respond to market needs.

Emirates Global Aluminium

Parent company name Emirates Global Aluminium PJSC
Location Al Taweelah, Abu Dhabi and Jebal Ali, Dubai in United Arab Emirates and Kamsar, Guinea
Established in 1975
Representative Abdulnasser Bin Kalban, CEO
Business Mining of bauxite, refining of alumina and smelting of aluminum and production of aluminum alloy products
Ultimate Shareholders Mubadala Investment Company (Sovereign investment fund of Abu Dhabi)
Investment Corporation of Dubai (Sovereign investment fund of Dubai)

EGA's plant

Signing ceremony

From left to right: Abdulnasser Bin Kalban, Chief Executive Officer, Emirates Global Aluminium PJSC
and Kenji Seto, Executive Officer, President, Metals & Minerals Company, ITOCHU Corporation