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CORRECTED-UPDATE 4-U.S. extends deadline for Rusal sanctions, aluminum prices dive [Reuters]

ALCOA (AA)  More Company Research Source: Reuters
Last alcoa earnings: 7/18 04:10 pm Check Earnings Report
US:NYSE Investor Relations: investors.alcoa.com
PDF U.S. extends deadline for Rusal sanctions, aluminum prices dive | Reuters 4 Min Read WASHINGTON/MOSCOW (Reuters) - The U.S. government on Monday gave American customers of Russia’s biggest aluminum producer more time to comply with sanctions, sending aluminum prices into a tailspin but lifting shares of the company, United Company Rusal Plc. Aluminum prices on the London Metal Exchange tumbled more than 8 percent after the U.S. Treasury Department announcement, which gives Rusal longer to sell off large quantities of aluminum it had been stockpiling in the wake of sanctions. Shares in Rusal, one of the world’s largest aluminum companies, rose 13 percent on the Moscow Exchange after the announcement. Earlier, Rusal had ended Hong Kong trading down 8.4 percent. Shares of its U.S. rival Alcoa Corp slid 12 percent. Aluminum prices rallied last week to their highest in years after Washington sanctioned Rusal and its major shareholder, Russian tycoon Oleg Deripaska. The Treasury Department [Read more]

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