Alcoa to Acquire South32’s Bauxite, Alumina, and Aluminum Assets for $4.1 Billion

Boliden to Acquire Controlling Stake in Nexa Resources

August 27, 2026

Industrial Services

Boliden AB has entered into a definitive agreement to acquire Votorantim S.A.’s 64.68% controlling stake in Nexa Resources S.A. for $1.31 billion in implied consideration, valuing Nexa at approximately $3.67 billion enterprise value. After closing (expected in Q1 2027 subject to approvals), Boliden will launch a voluntary tender offer to purchase the remaining Nexa shares.

Lincoln Electric Acquires Remaining Interest in Alloy Steel

April 1, 2025

Manufacturing

Lincoln Electric Holdings, Inc. acquired the remaining 65% interest in Alloy Steel Australia (Int) Pty Ltd, bringing Alloy Steel into full ownership. Alloy Steel, a Perth-based manufacturer of proprietary wear plate solutions, engineering services and digital monitoring for the mining sector (primarily Asia Pacific), generates approximately USD 50 million in annual revenue and will be reported in Lincoln Electric’s International Welding segment.

Momentive Technologies Acquires Spherical Alumina and Silica Businesses from Sibelco (South Korea)

October 1, 2024

Manufacturing

Momentive Technologies has completed the acquisition of Sibelco’s spherical alumina and spherical silica businesses in South Korea. The deal expands Momentive’s ceramic powder portfolio and strengthens its thermal filler capabilities for thermal interface materials used across electric vehicles, AI, renewable energy, consumer electronics and telecommunications markets.

Rio Tinto Completes Acquisitions of Stakes in Boyne Smelters (BSL) and New Zealand Aluminium Smelters (NZAS)

September 30, 2024

Manufacturing

Rio Tinto completed acquisitions of minority stakes in two aluminium smelter joint ventures: Mitsubishi Corporation's 11.65% interest in Boyne Smelters Limited (completed 30 September 2024) and Sumitomo Chemical Company's 20.64% interest in New Zealand Aluminium Smelters (NZAS) (completed 1 November 2024). Following these transactions (and a related 2.46% stake acquisition in BSL from Sumitomo Chemical), Rio Tinto increased its ownership in BSL and now holds full ownership of NZAS, citing steps to secure the long-term future of the smelters.

Alcoa Acquires Alumina Limited in $2.2B All-Stock Deal

March 12, 2024

Manufacturing

Alcoa announced it will acquire Australia-based Alumina Limited in an all‑stock transaction valued at $2.2 billion, giving Alcoa full control of the AWAC joint venture. Under the scheme, Alumina shareholders will own roughly 31.6% of the combined company (Alcoa shareholders ~68.4%), a transaction Alcoa says strengthens its exposure to tier‑1 bauxite and alumina assets and increases vertical integration across the aluminum value chain.

Reliance Steel & Aluminum Co. Acquires American Alloy Steel, Inc.

February 14, 2024

Industrial Services

Reliance Steel & Aluminum Co. has entered into a definitive agreement to acquire all outstanding equity interests and related real estate assets of American Alloy Steel, Inc., a Houston-based distributor and fabricator of specialty carbon and alloy steel plate and round bar. The acquisition adds specialty plate and new fabrication/value-added processing capabilities to Reliance's portfolio; American Alloy reported approximately $310 million in sales for the 12 months ended Dec. 31, 2023.