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Trump Trade War - Trade Tension to shift aluminium exports to Europe – Rio Tinto

Metal News - Published on Wed, 15 May 2019

Image Source: aluminiuminsider.com
Aluminium Insider reported that Anglo-Australian metals titan Rio Tinto Group says the trade troubles between the United States and the People’s Republic of China and the corresponding drop in demand in the States will see the firm shift shipments of aluminium to European customers. Such was the message delivered by Rio Tinto CEO Jean-Sébastien Jacques after the company’s annual meeting on Thursday. Overall demand for the firm’s aluminium has not been impacted however, he assured investors.

Mr Jacques explained that “In the US, there is a slowdown in activities. I think it’s fair to say the automotive (sector) is slowing down slightly, the construction is slowing down. We are shifting some of our [aluminium] product from Canada to Europe, because there is some business case for it…or some other markets like Japan.”

Rio Tinto’s aluminium sales netted the firm USD 3.01 billion in 2018. Last year saw the firm churn out 3.5 million metric tonnes of primary aluminium.

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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