Aluminum is one of the most energy-intensive metals to make, and the surge in power prices already knocked about 900,000 tons of smelting capacity offline in Europe and North America.

Aluminum producers are facing a hard landing after the bonanza pricing seen in the first half of 2022.

Ford said it has now sourced about 70% of the battery cell capacity it needs to achieve its annual production rate of more than 2 million by late 2026.

Despite rising worldwide aluminum demand, Alcoa will be pinched by escalating costs for energy and raw materials, CEO Roy Harvey said.

The partnership will support the transition toward a net-zero future by supplying Ford with materials including lithium, low-carbon aluminum and copper.

The company posted $913 million in adjusted earnings before interest, taxes, depreciation and amortization in the second quarter.

Malcolm Turnbull and Tom Sigurdsson to bring GlassPoint solar steam technology to help industry achieve net-zero commitments.

A further surge in power prices could knock more plants offline over winter, the region’s biggest metal producers warned.