A re-ranking of the world's 10 largest alumina producers is just one by-product of the merger and acquisition fever that gripped the global aluminum industry in 2007. The creation of United Co. Rusal, now the world's largest alumina producer, helped push the former No. 1, Alcoa Inc., into third place, and an expansion in Australia by Rio Tinto Alcan,the largest primary aluminum producer, could nudge Alcoa even further down the ladder. Despite power shortages. Aluminum Corp. of China climbed to second place, although it is far from certain Chalco will remain there as market dynamics in that nation convulse. More changes may well be in store as aluminum makers weigh the advantages of backward integration into raw materials, and all bets are definitely off if BHP Billiton comes back to the table with a compelling offer for Rio Tinto.
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