The largest aluminum producer in the United States, Alcoa Corp., said the prices cost him $ 115 million in the second quarter.
Bloomberg reports:
Alcoa Corp., the largest American aluminum producer, said that import prices from Canada cost him $ 115 million in the second quarter, showing how the US President Donald Trump’s commercial agenda affected the industry.
The company has redirected the Canadian produced aluminum to clients outside the United States to mitigate additional tariff costs, he said on the declaration of the analysts’ estimates on Wednesday.
Alcoa shares increased up to 6.4% on Thursday in New York, the largest intraday increase since June 26.
Metal producers sail in the trade that Trump has created after having increased the import rates on steel and aluminum, first at 25% in March, then 50% in June, in order to revive domestic production.
Alcoa’s latest toll against prices is about six times more than in the first quarter when the company based in Pittsburgh said that the samples, which were then 25%, cost him an additional $ 20 million. The giant mining Rio Tinto Group also revealed on Wednesday that its Canada manufacturing aluminum had generated more than $ 300 million in the first half due to the prices.
Read the rest here.
About The Author
