I have followed S32 from birth and have rarely seem comment on the Al business, except commodity pricing. Here is a primer on the impact of Trump's tariff war on smelting.
https://www.bloomberg.com/news/features/2018-09-27/the-metal-that-started-trump-s-trade-war
S32 owns the Worsley alumina refinery, smelters in Africa and a share of Brazil Alumina and smelter. This is a very solid global-scale position.
Its EBIT sensitivity analysis (slide 41 of FY presentation) shows a 10% change in alumina and aluminium prices tower above the price sensitivity of all other products. Alumina $US196m, Aluminium $US190m.
GK & team would not regard aluminium as a static business run for cash. They are open to enlarging and developing the asset. They would be more interested in bauxite and alumina that smelting, but if the price was right...
Anyone see opportunities?
Ash
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