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Alcoa (NYSE:AA) is lobbying the Biden administration to block U.S. imports of aluminum from Russia following the latest military escalation in Ukraine, Reuters reported Thursday.
Aluminum prices (LMAHDS03:COM) gained more than 3% following the report.
News outlets have reported in recent days that the White House is considering a range of options related to imports of Russian aluminum, possibly including blocking top producer Rusal, from selling its products in the U.S.
Aluminum – which is heavily used in a wide range of consumer products as well as airplanes, automobiles and other heavy machinery – has remained exempt from U.S. sanctions due in part to concerns that such a step could boost consumer prices.
Other potentially relevant tickers include (CENX), (RIO), (KALU), (JJU)
Rio Tinto CEO Jakob Stausholm recently said the unfettered flow of Russian aluminum into the U.S. was making North American producers less competitive.
