Bahrain's Aluminium Bahrain (Alba) has agreed to acquire Aluminium Dunkerque, Europe's largest aluminium smelter, from American Industrial Partners in a deal that could involve French state investment. The acquisition marks a significant shift in European metals ownership as Alba, already operating the world's biggest smelter outside China, expands its global footprint.

Aluminium Dunkerque, which produces 300,000 tonnes annually and employs 750 workers in northern France, was previously owned by UK metals tycoon Sanjeev Gupta before American Industrial Partners acquired it in 2021. The private equity firm turned around the struggling operation, increasing net profit from €49 million in 2021 to €186 million in 2024, according to latest accounts.

The deal comes amid intense pressure on European metals producers from Chinese competition and the massive investments required for cleaner production. French officials have pledged to be "particularly vigilant" about protecting jobs and strategic industrial capacity at the site, while Alba has signaled openness to allowing Bpifrance to take a stake to ensure long-term development.