Aluminium producers slide amid US tariff escalation
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More news: ASX-listed aluminium producers are trading lower on news that US President Donald Trump will raise tariffs on steel and aluminium from 25% to 50%.
The numbers: Shares in Alcoa Corporation, which operates one of Australia’s aluminium smelters, were down 4.38% to $41.24 at 2:00pm AEST. Shares in Rio Tinto, which controls the remaining three smelters, were down 1.87% to $110.55.
Aluminium miner South32 also saw its share price fall 3.11% to $2.96.
Meanwhile, BlueScope Steel, which operates five businesses in North America, was up 5.6% to $24.02.
BlueScope Steel shares surge on US tariff news
The news: BlueScope Steel shares have surged, as the multinational’s US business stands to benefit from President Donald Trump’s plan to raise tariffs on steel and aluminium from 25% to 50%.
The numbers: BlueScope shares were up 8.1% to $24.6 at 11:08am.
The context: On Sunday, Trump announced his plans to hike steel and aluminium tariffs to protect America’s steel producers from competing imports.
Analysts have previously noted that BlueScope stands to benefit from increased US tariffs as it operates five businesses in North America. This includes a steel mill and several steel product manufacturing plants.
The source: ASX
