The chief executive of the largest US aluminum producer asked the US and its allies to take “urgent action” sanctioning Russian metal.
Alcoa Corp. CEO Roy Harvey said Wednesday afternoon the company supports sanctions, and that it makes “intuitive sense” that no more of the metal should be imported into the US.
The comments come a week after Bloomberg News reported that the Biden administration is considering an outright ban of Russian aluminum, a tariff so high that it would serve as an effective ban, or sanctions on Russia’s producer, United Co. Rusal International PJSC. Alcoa on Wednesday reported a surprising quarterly loss.
“Russian companies continue to produce and sell their metal while North American and European producers are curtailing smelters amidst declining aluminum prices, skyrocketing energy costs and supply chain issues,” Harvey said during a call with analysts. “And thus, we believe urgent action is necessary by the US and its allies.”
Harvey said there are ways market participants could try to transship around any sanctions, but added sanctions are the best way to stop “cheating.”
“That is the easiest solution to be able to try and bring a little bit of sensibility to this market and to try and build that sanctions regime in such a way that we’re also ensuring that there’s no cheating or games being played,” Harvey said.
