Bahrain aluminum giant says Iranian attack targeted its facility
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Aluminium Bahrain, or Alba, hosts the world's largest smelter and the attack adds to the pressure on global supplies of the metal.
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Aluminium Bahrain, which hosts the world's largest smelter of the metal, said on Sunday its facility was subjected to an Iranian attack as the U.S.-Israel-led war extended into a second month. The company, known as Alba , said in a statement that the attack happened on Saturday. "Alba is assessing the extent of the damage to its facilities and remains focused on maintaining its operational resilience and the safety of its employees," Alba said. The company had cut production capacity by 19% of its 1.6 million tons of annual output "as an operational measure to preserve business continuity amid ongoing supply and transit disruptions affecting the Strait of Hormuz," the company said on March 15. The production cuts have been adding to fears of a global shortage of the metal. Aluminum prices surged to four-year highs earlier this month before paring some of those gains. They remain 4.3% above their Feb. 27 levels. While aluminum may be the most abundant metal on earth, it is crucial to the functioning of the world economy. It is an essential material across electronics, transport, and construction, as well as other industries such as solar panels and packaging. LME Aluminum Iran has been retaliating against U.S. and Israeli attacks that began on Feb. 28 by firing missiles and drones at its regional neighbors. The United Arab Emirates said on Sunday its air defenses were dealing with the latest salvo of incoming missiles. Houthis enter the fray On Saturday, Iranian-backed Houthi fighters said they launched a missile strike against Israel, the first time the group has participated in the war. Analysts have told CNBC that the Houthis could attempt to choke off maritime traffic through the Bab el-Mandeb Strait separating the Arabian Peninsula and the Horn of Africa — through which ships must pass to reach the Red Sea and the Suez Canal — adding to pressure on global trade. On Saturday, Danish shipping giant Maersk, widely regarded as a barometer of global trade, responded ...
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