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(Bloomberg) — Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.
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The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Shares rose 1.37% in post-market trading.
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Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
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Alcoa’s latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
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Alcoa has had extensive conversations with administrations on both sides of the border, including directly with Trump, Alcoa Chief Executive Officer William Oplinger said on a call following the earnings report.
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Oplinger repeatedly has warned US customers will bear the costs of tariffs on aluminum producers.
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“While we’re not particularly thrilled with the tariffs,” he said, “our customers are paying significantly higher for aluminum in the United States than anywhere else in the world.”
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(Updates share price in the second paragraph and adds CEO comments in the final three paragraphs.)
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English (US)