MOSCOW, Oct 14 (Reuters) – The chairman of EN+, which owns a 57% stake in aluminium producer Rusal , dismissed media reports that Washington is weighing restricting imports of Russian metal, saying Rusal remained in full compliance with U.S. regulations.
Media reports on the possibility of import restrictions of Russian aluminium were "irresponsible market speculation," EN+ Chairman Christopher Burnham said.
Global aluminium prices soared after the news because Rusal is the world's largest aluminium producer outside China, supplying the world with 6% of its needs estimated at around 70 million tonnes this year. read more
"The article is simply wrong … We are committed to fulfilling our contracts in the USA and worldwide," Burnham said in a statement.
Rusal was subject to U.S. sanctions between April 2018 and early 2019, when its founder, businessman Oleg Deripaska agreed to relinquish control in exchange of removal of sanctions from the aluminium producer.
"When the U.S. sanctioned Rusal aluminium in that year, the LME price [the London Metal Exchange] jumped 29% and there was a scramble to find alternative material by U.S. manufacturers," Burnham said.
"Irresponsible market speculation of this sort only benefits our competitors who have publicly advocated for restricting our market access, but hurts the American consumer and the U.S. economy," he added.
U.S.-based aluminium producer Alcoa Inc (AA.N) on Thursday said it is lobbying the White House to block American imports of the metal from Russia.
Our Standards: The Thomson Reuters Trust Principles.
Reliance Industries Ltd has appointed Srikanth Venkatachari as chief financial officer effective June 1, according a late evening release by the company.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved
En+ says Rusal remains in full compliance with U.S. regulations – Reuters.com
