CORRECTED-UPDATE 2-U.S. mulls sanctions reprieve for Rusal, rocking aluminum prices [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
U.S. mulls sanctions reprieve for Rusal, rocking aluminum prices | Reuters Reuters Staff 3 Min Read WASHINGTON (Reuters) - The United States on Monday opened the door to sanctions relief for United Company Rusal Plc as it considered the Russian aluminum giant’s bid to avoid U.S. sanctions and weighed the potential impact of such measures on Rusal’s American allies and partners. The news shook the metals industry, sending aluminum prices down as much as 10 percent after the U.S. Treasury Department announcement. Shares in Rusal, one of the world’s largest aluminum companies, settled down 8.4 percent in Hong Kong trading. Its shares had earlier jumped 13 percent on the Moscow Exchange. Shares of its U.S. rival Alcoa Corp were down 11 percent in morning trading. In a statement, the U.S. Treasury Department said Americans have until Oct. 23 to wind down their business with Rusal and that the United States was not trying to harm those who depend on the company. The previous deadline was Ju
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