Emirates Global Aluminium (EGA) plans to restart production at its main smelter by early next year, following a shutdown caused by an Iranian missile attack in March. This move could help alleviate pressure on the aluminum market, which has seen prices surge due to supply shortages.

EGA confirmed it is investing $400 million in repair work, targeting a return to pre-conflict production levels by the first quarter of next year, while also striving to accelerate this timeline. This development is expected to improve the supply outlook for the region, which accounted for approximately 10% of global aluminum output before the conflict.

In a statement on Wednesday, the Middle East's largest aluminum producer noted that even after production resumes, future shipments will depend on the reopening of the Strait of Hormuz. This critical waterway at the entrance to the Persian Gulf has largely remained closed since the US and Israel attacked Iran in late February.