KALU - Biden to hold off from Russia sanctions hitting aluminum - Bloomberg

Aluminum producers including Alcoa (AA -5.2%), Century Aluminum (CENX -2.8%) and Kaiser Aluminum (KALU -11.2%) plunge following a Bloomberg report that President Biden will hold off for now on sanctions against Russia that could disrupt global aluminum supplies; Also lower: ARNC -7.8%, CSTM -4.2%. White House officials have met with industry representatives in recent weeks and told them there was no intention for now of levying sanctions that would impact aluminum, according to the report. Russia is the world's second largest exporter of aluminum, producing 6% of the world's total, and the war in Ukraine threatens supplies that are already stretched thin by strong demand and shrinking inventories. Aluminum prices (LMAHDS03:COM), which already have surged more than 55% in the past year as plants tried to ramp up production to meet post-COVID demand, surged more than 3% Thursday to hit a record high of $3,450/ton.

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Biden to hold off from Russia sanctions hitting aluminum - Bloomberg