Top 10 Largest Aluminium Companies in the World, Including One from Indonesia?
Tensions in the Middle East have intensified following reports of attacks on aluminium production facilities by Iran.
Iran’s Revolutionary Guard launched missile and drone strikes on aluminium industrial facilities in Bahrain and the United Arab Emirates (UAE) over the weekend.
Citing AFP on Sunday (29/3/2026), Iran’s Revolutionary Guard stated that the attack targets were industries they consider affiliated with the US military.
The attack occurred amid the Middle East war that broke out at the end of February and is now entering its second month. Several Gulf countries, including Bahrain, have become targets of Iranian attacks in retaliation for strikes by the United States and Israel.
This incident has impacted the operational smoothness of the metal industry in the region and raised market concerns about global supply stability. Market players are currently monitoring the production capacities of other global companies to anticipate potential stock shortages in the international market.
Although there were no casualties, the attack severely disrupted the smelting process, which requires high technical stability, so the operational recovery procedure is predicted to take considerable time.
Globally, the commodities market immediately responded with sharp price volatility. Aluminium prices on international exchanges surged up to 6% immediately after the attack news spread, adding to a total rise of around 15% since the beginning of the year.
Meanwhile, in trading on Monday (30/3/2026), aluminium prices rose again by around 5% to US$3,427.30 per tonne, approaching the four-year high level.
The following is data on the 10 largest aluminium companies in the world by market capitalisation as of March 2026, calculated in US dollars.
Ranking of Companies by Market Value
In the latest market position, China Hongqiao holds the first rank with a market capitalisation of US$43.94 billion. This company has its main operational base in China and records the highest market value in this sector.
In second place is Aluminum Corporation of China (Chalco) with a market value of US$28.43 billion. Meanwhile, the Indian company Hindalco Industries is in third place with a market capitalisation of US$21.05 billion. The market value calculations use the latest share prices and the number of shares outstanding recorded on each country’s exchange.
The market capitalisation values were converted using applicable reference exchange rates, including US/HKDat7.84forissuersontheHongKongexchangeandUS/INR at 94.05 for issuers on the Indian exchange.
The use of US dollars aims to provide a uniform comparison standard for global investors. In general, the top three positions are still dominated by companies with operational integration from bauxite mining to primary aluminium processing.
Global Producer Distribution and Regional Position
In addition to the dominance of producers from Asia, several companies from Europe and the United States also enter the top ten list. Norsk Hydro, based in Norway, records a market value of US$20.65 billion, making it the largest representative from the European region.
Alcoa Corporation from the United States is in fifth position with a value of US$16.68 billion. Meanwhile, from Southeast Asia, Press Metal Aluminium from Malaysia records a market capitalisation of US16.38billionusingtheUS/MYR conversion rate of 4.02.
Several other Chinese companies, such as Yunnan Aluminium and Shandong Nanshan, each have market values of US$14.42 billion and US9.80billionbasedontheUS/CNY rate of 6.91.
United Company RUSAL is in ninth position with a value of US$8.54 billion, followed by National Aluminium Company (NALCO) from India with US$7.54 billion.
Most companies on this list are entities with a primary business focus on aluminium production accounting for over 85% of total revenue.
Security conditions in the Middle East remain a factor watched by market players due to their impact on logistics distribution routes and valuations of metal sector issuers on global exchanges.