Glencore cuts Century Aluminum stake to 33% after tariff-driven rally [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
U.S. President Donald Trump doubled tariffs on aluminium imports to 50% on June 4 with the aim of incentivising investment ?in production of the metal in the United States. London-listed Glencore is Century's largest shareholder. It supplies Century with alumina, a feedstock for aluminium, while buying nearly all of its North American aluminium production for U.S. customers. It sold nine million shares of its 40 million holding on November 10 for $272.?25 million and converted all of ?its Series A Convertible Preferred Stock into 4.95 million ordinary shares, according to a regulatory filing in the United States. CONFIDENCE IN CENTURY'S MANAGEMENT Century's stock was ?trading around $28 on Monday and is up 80% since June due to soaring U.S. aluminium prices as the market priced in the tariff and the incentive needed for producers to keep shipping to the United States. Glencore's ?transactions leave it holding around 36 million shares, equating to about 33% of Century's equi
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