The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.<\/p>\n
Bloomberg reports:<\/p>\n
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump\u2019s trade agenda has affected the industry.<\/p>\n
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.<\/p>\n
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.<\/p>\n
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.<\/p>\n
Alcoa\u2019s latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.<\/p>\n