ASX Stocks Capitalising on the Aluminium Supply Deficit

Global aluminium supply is set to face a shortage soon while demand from EVs and renewables is heating up and these ASX-listed stocks are perfectly placed to benefit from the trend.

Rio Tinto Limited (ASX: RIO)

is one of the biggest names in the aluminium space with a vertically integrated setup covering bauxite mines, alumina refining and aluminium smelting. 

Aluminium production has been getting better lately, with 857,000 tonnes made in Q3 2025 which is around 6% higher than last year and 2% up from last quarter.

During the period, Rio also finished ramping up the New Zealand Aluminium Smelter and kept working on improvements at Kitimat which helped utilisation and energy savings. 

On top of that, construction is going ahead on the low-carbon AP60 smelter expansion in Quebec and it is expected to start in 2026.

Alcoa Corporation (ASX: AAI)

is one of the biggest aluminium producers around the world and is involved in pretty much the whole chain from mining bauxite to making alumina and aluminium metal. 

The business has been trying to become leaner and focus on higher efficiency operations.

For the first nine months of 2025, Alcoa reported about US$9.38 billion revenue which is higher than US$8.41 billion in the same period last year and net income was US$944 million whereas last year same time there was a loss. 

Alcoa is positioned to benefit from aluminium demand supported by growth in electric vehicles, renewable energy and lightweight manufacturing.

South32 Limited (ASX: S32)

is building its spot in the global aluminium and alumina space while trying to make its portfolio simpler. 

In the September 2025 quarter, aluminium output was up around 1% and closed the quarter holding like US$64 million in net cash.

The company is still pushing towards energy-transition metals and progress is seen at the Hermosa project.

It received backing from the U.S government for the Ambler Access Road which could open up future copper and zinc upside.
South32 is well placed to capture upside as global aluminium demand accelerates with disciplined execution and exposure to growth markets.

Capral Limited (ASX: CAA)

is the biggest aluminium extrusions maker and supplier in Australia and in the first half of FY25 it made $327 million revenue which is about 4% higher than last year mainly because of higher aluminium prices

Net profit after tax came in at around A$15.3 million which grew by 4% thanks to slightly better margins plus a disciplined pricing approach. 

Capral’s mix of customers also helped it manage the slowdown, with around half of its volumes going to industrial markets like transport, marine and solar so that balanced the weak construction demand. 

The company also kept a strong balance sheet with about $53m net cash which gives it room to keep investing in growth.

(Source: Company Announcements)