RIO TINTO chief executive Jakob Stausholm warns that the unfettered flow of Russian aluminum into the US is causing North American producers to be less competitive, reports Bloomberg News.
Russian imports flow into the country unrestricted when allies like Australia face restrictions left over by the Trump administration.
The warning comes as US trade data shows Russia was the third-largest aluminum exporter to the US in August.
Monthly imports from Russia were up 60 per cent last month from April as worldwide buyers refused to purchase Russian metal due to its Ukraine invasion.
Aluminum prices are down 20 per cent this year as global demand has been hit by inflation, supply-chain problems and surging energy prices.
‘It’s actually very difficult to have a profitable aluminum industry in North America at this point in time because Russian aluminum is flowing in,’ said Mr Stausholm.
‘Right now, we have the lowest aluminum price this year, and you would have thought the Russia-Ukraine crisis would have led to higher prices in aluminum.’
rio is the largest aluminum producer in North America, with significant assets in Canada.
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