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Alcoa Stock, Aluminum Prices Plunge As US Softens Rusal Sanctions

26 April, 2018, 00:26 | Author: Shawna Walton
  • Германия ждет от США особого подхода

"RUSAL has felt the impact of US sanctions because of its entanglement with Oleg Deripaska, but the USA government is not targeting the hardworking people who depend on RUSAL and its subsidiaries", Treasury Secretary Steven Mnuchin said.

"Aluminium is going to remain volatile depending on how the sanctions play out, but at the end of the day it will return to the range either side of $2,200 until we see evidence of stronger economic growth".

"Rusal has felt the impact of U.S. sanctions because of its entanglement with Oleg Deripaska, but the United States government is not targeting the hardworking people who depend on Rusal and its subsidiaries", he said, according to the report. That's good to know for both strategic and tactical purposes.

World aluminium prices dropped 10% and alumina prices fell after the Trump Administration unexpectedly watered down tough economic sanctions against Rusal on Monday.

Rusal was sanctioned this month by the Treasury's Office of Foreign Assets Control because of Deripaska's stake in the company.

En+ owns hydropower plants in Russian Federation and nearly half of Rusal, the Hong Kong-listed aluminium producer that uses much of the electricity En+ generates.

The news that the company could be saved has caused shares in the company to surge - after Rusal had previously shed half of its value on the stock market, as investors jumped ship following the blacklisting by America.

On Monday, the Treasury Department said it will consider easing the sanctions on Rusal if Deripaska divests.

Rio had been facing increasing pressure on its aluminium and alumina business because of close ties to Rusal, the big Russian-owned aluminium and alumina group.

The Treasury also said it will not impose secondary sanctions on companies outside the United States that do business with Rusal and its subsidiaries. Other oligarchs were also hit by the April sanctions.

Daniel Briesemann, an analyst at German lender Commerzbank, said the Treasury's announcement should calm things down. The London Stock Exchange announced the suspension of trading in depositary receipts for shares of En+. The Kremlin and Deripaska did not immediately respond to the announcement.

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