America’s aluminum industry is stirring back to life after years of decline, driven by tariffs and a broader push to rebuild domestic manufacturing. The restart of Century Aluminum’s Mount Holly smelter in South Carolina has added 50,000 metric tons of primary aluminum capacity, lifting total U.S. production by nearly 10%. The plant, which had been partially idled since 2015 due to high electricity costs, resumed full operations after Century reached a long-term power agreement with utility Santee Cooper last fall. Additional projects in Oklahoma and Missouri are also moving forward, pointing to a meaningful expansion of U.S. primary aluminum capacity.
Yet the road ahead is far from clear. Power costs and community concerns over pollution remain major hurdles. In Oklahoma, Century and Emirates Global Aluminium are planning a 750,000-metric-ton smelter in Inola, backed by a $500 million Department of Energy grant. But the project still needs a final energy contract with the local utility and faces opposition from the Muscogee (Creek) Nation, the Cherokee Nation, and the state attorney general. In Missouri, Magnitude 7 Metals aims to partially restart its New Madrid smelter by year-end, but the state’s “large load” electricity tariff could impose data-center-like costs on the energy-intensive operation.
Against this backdrop, three U.S. aluminum companies stand out.
Alcoa (NYSE: AA) is a globally integrated aluminum producer and one of the world’s largest bauxite miners, with seven bauxite mines across Australia, Brazil, Guinea, and Saudi Arabia, plus six alumina refineries. About 86% of the electricity used in its smelting portfolio comes from renewable energy, giving the company a cost and carbon advantage. In 2025, Alcoa set annual production records at five smelters and one refinery, helping lift aluminum output by 5% and revenue by 8%. The company ended the first quarter of 2026 with a $1.4 billion cash balance and announced in May a $65 million investment to expand casting capacity at its Norwegian smelter. Shares trade near $51.22, with a market value of about $14 billion and a dividend yield of 0.98%.
Kaiser Aluminum (NASDAQ: KALU) is a leading North American producer of semi-fabricated aluminum products, operating 13 manufacturing facilities across the region. Its products serve aerospace, packaging, automotive, and general engineering markets. Three long-term trends support the company: the shift from plastic to aluminum cans in packaging, rising global air travel, and lightweighting in autos and electric vehicles. In mid-2026, Kaiser offered a dividend yield of about 1.7%, above the S&P 500 average of 1.1%. The stock trades around $189.49.
Century Aluminum (NASDAQ: CENX) is the most direct beneficiary of expanding U.S. primary aluminum capacity. The company operates three smelters in the United States and one in Iceland, and holds a 55% stake in the Jamalco alumina refinery in Jamaica. The Mount Holly restart alone lifted U.S. production by 10% in April 2026. If the Oklahoma joint venture with Emirates Global Aluminium moves forward, it would more than double U.S. primary aluminum output, with an estimated investment of about $4 billion and first metal expected by the end of the decade. Century’s shares trade near $48.17.
Overall, tightening global aluminum supply and rising investment in domestic power infrastructure are providing demand support for U.S. aluminum producers. But high electricity costs and environmental opposition could slow the pace of capacity additions. Among the three, Alcoa offers resource and energy-cost advantages, Kaiser is leveraged to downstream fabrication, and Century is most exposed to U.S. primary aluminum expansion. Investors will need to watch power contract negotiations, community pushback, and the durability of tariff policy.
