In its full year report it said aluminium demand was still healthy with world consumption growing by 9.6%, with Europe & MENA’s consumption up by 6% and 15% respectively.

It said there are signs of improvement in the US economy while capacity cuts in the range of 1.7Mt are expected to disappear in Europe in 2012. It believes the world market is slightly over-supplied and China’s output has reached record levels.

Alba recorded an increase in production by 3.6% and an increase in sales by 4.5% in 2011 with sales of value-added products reaching 63% of total shipments in 2011 versus 62% in 2010.

In 2011 feasibility studies on optimum energy and technology solutions for Pot Lines 4 and 5 Creep, and Pot Line 6 expansion project were completed.

Its focus in 2012 will be to launch feasibility studies for the Pot Line 6 expansion project, achieve additional cash savings of $30M in 2012, a sustained focus on Value-Added products and to secure a long term contract for availability and price of gas beyond 2012.

Its sales in 2011 were $2.349bn compared to $1.997bn in 2010, EBITDA was at $631M in 2011 - up 14% YoY, while net income of $564M in 2011 was up by 53% compared to $368M in 2010.