Column: China’s export tax bombshell rocks aluminum market
China's announcement on Friday may have major long-term ramifications for the global aluminum supply chain, writes Andy Home.
Bloomberg News reports:
United Co. Rusal, the biggest aluminum producer, is trailing Alcoa Inc. and all other peers as billionaire founder Oleg Deripaska snubs shareholders’ pleas to end a two-year battle for control of OAO GMK Norilsk Nickel.
Rusal, trading at about 6.5 times estimated 2011 earnings, has the lowest valuation on that measure among its five main peers, with Alcoa at about 12.3 times earnings and Aluminum Corp. of China Ltd. at 11.9 times, Deutsche Bank AG data show. Moscow-based Rusal has also lagged behind Alcoa’s share gains since the Russian company listed in Hong Kong on Jan. 27, 2010.
