Century Applauds Biden Administration for Actions to Address Unfair Trade from Mexico
Rhea-AI Summary
Century Aluminum commends the Biden Administration for tightening rules on aluminum imports from Mexico. The new 'smelted and cast' provision aims to curb aluminum transshipments and unfair trade from third-party countries like Russia, China, Iran, and Belarus. Aluminum products originating from these countries and converted in Mexico will now face a 10% Section 232 duty. CEO Jesse Gary praised the decision for its potential to protect the domestic aluminum industry and American workers. Despite this measure, Century Aluminum noted that Mexico still receives primary metal imports from other non-tariffed third-party countries.
Positive
- New 'smelted and cast' provision will enforce a 10% Section 232 duty on aluminum products from specified countries, potentially reducing unfair trade.
- Decision praised for protecting the domestic aluminum industry and American workers.
Negative
- Despite new measures, Mexico continues to receive primary metal imports from other non-tariffed third-party countries.
News Market Reaction
On the day this news was published, CENX gained 6.75%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, July 10, 2024 (GLOBE NEWSWIRE) -- Century Aluminum applauds the Administration’s decision to toughen the rules on aluminum imports from Mexico. The introduction of the “smelted and cast” provision is an important first step in curbing aluminum transshipments and unfair trade from 3rd party countries entering through Mexico. Going forward, aluminum that was smelted and cast in Russia, China, Iran and Belarus and converted into products in Mexico will be subject to the
“We are thankful for President Biden’s continued support for the domestic aluminum industry. Aluminum is a key enabler of the green energy transition and a critical material for emerging green industries and our national defense. Today’s decision helps protect the industry and American workers,” said CEO Jesse Gary.
The United States continues to experience a surge of imports from Mexico at below market value. Earlier this year the Department of Commerce and US International Trade Commission imposed antidumping and countervailing duties on aluminum extrusions from Mexico, which are critically important. However, Mexico continues to receive primary metal imports from non-tariffed 3rd party countries beyond the four in the scope of today’s proclamation.
“Today was a positive first step and we will continue to fight for a level playing field,” Gary said.
About Century Aluminum Company
Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products. Century is the largest domestic producer of primary aluminum in the United States and also operates production facilities in Iceland, the Netherlands and Jamaica.
Visit www.centuryaluminum.com for more information.
Cautionary Statement
This press release and statements made by Century Aluminum Company management contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may."
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact
Ryan Crawford
312-696-3132
Source: Century Aluminum Company
FAQ
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