Century Aluminum Company Commends Commerce Department Section 232 Report on Aluminum

Century Aluminum Company Commends Commerce Department Section 232 Report on Aluminum

Century Aluminum Company Commends Commerce Department Section 232 Report on Aluminum

Three options were also worked out by the US Commerce Department for steel suppliers. "And part of the options would be tariffs coming in", Trump said.

"The ultimate decision rests with the president, the commerce secretary cautioned: "(Trump) will decide what he's going to do...

American steel stocks spiked on Friday immediately after the Commerce Secretary Wilbur Ross proposed actions aimed at reviving the beleaguered steel industry. The President may take a range of actions, or no action, based on the analysis and recommendations provided in the reports.

There would be a 90-day appeal period allowing USA companies to request exceptions, Ross said.

The US president "is required to make a decision on the steel recommendations by April 11, 2018, and on the aluminum recommendations by April 19, 2018", the department said. This option also includes a quota on the amount of steel that can be imported from these nations.

Companies can also seek appeals based on US production of steel and aluminum and specific national security-based considerations. Exports from the European Union to the USA increased to 375 billion euros in 2017 from 363.5 billion euros the year prior, while imports from the US grew to 254.2 billion euros from 250.4 billion euros.

On the other hand, tariffs could help steel and aluminum makers regain market share lost to cheaper imports from China, Russia and elsewhere.

The investigations were carried out under a 1962 law authorizing the administration to assess domestic production of material needed for national defense, the domestic industry's capacity to meet those requirements and the "close relation of national economic welfare to US national security".

Aluminum imports have risen to 90% of total demand for primary aluminum, up from 66% in 2012. And only one company in the country produces the high-quality aluminum alloy used for military aerospace purposes.

The country-specific aluminum tariff option would impose a 23.6 percent tariff on all products from China, Hong Kong, Russia, Venezuela and Vietnam.

Nucor, the largest U.S. steel maker, climbed 4%, while U.S. Steel and AK Steel soared more than 10% apiece.

From 2013 to 2016 aluminum industry employment fell by 58%, 6 smelters shut down, and only two of the remaining 5 smelters are operating at capacity, even though demand has grown considerably.

If the president accepts any of the recommendations from the Commerce Department's report on aluminum imports, it will dramatically increase the cost of aluminum in the US and put at risk American jobs in the beer industry, as well other industries that are users of aluminum.

An aluminum quota of 86.7% of 2017 exports.

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