Austria’s RHI Magnesita to buy US-based alumina producer Resco

Hydro completed the sale of a 30% stake in Alunorte to Glencore Plc earlier this month.

The US quota system allows up to 3.3 million metric tons of EU steel and 384,000 tons of aluminum into the United States tariff-free.

Russia imposed export duties linked to the rouble-dollar exchange rate until the end of 2024 on a wide range of goods.

The Critical Raw Materials Act, due to enter force in early 2024, says the bloc should mine 10% of its annual needs by 2030.

Any move by the US or EU to follow the UK’s sanctions on metals trading would likely force the LME’s hand.

The world's biggest producer churned out 3.54 million metric tons of primary aluminum last month.

Prices of metals produced by Russia surged as panicky traders struggled to understand how widespread the impact of the measures would be.

Aluminum has slid 10% on the LME since touching a five-month peak in early October.

In the first nine months of 2023, the EU imported almost 500,000 metric tons of Russian aluminum worth $1.37 billion.