The deal follows TeraWulf's acquisition of Century's former Kentucky smelter, which is being redeveloped into a large-scale AI data-center campus.
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Alcoa agreed to acquire South32's bauxite, alumina, and aluminum assets for $4.1 billion, sending shares down 9% to $47.41 amid dilution and bridge financing concerns.
The sell-off may prove premature, as aluminum inventory levels remain relatively low and it's unclear when smelters in the Arabian Peninsula will return to full capacity.
The stock market hit new highs amid a win streak. AI and metals led while Google tested support. Palo Alto jumped late on earnings.
CENX posted Q1 earnings growth and expects stronger Q2 EBITDA as higher aluminum prices and premiums offset weaker shipments.