This morning in metals news, European leaders plan to press President Trump on steel this week, the aluminum price could be heading back down after the U.S. opened the door to easing the recently announced Russian sanctions and Glencore is looking into options with respect to recapitalization of one of its DRC copper operations.
Macron, Merkel Look to Press Trump on Steel
Cecilia Malmstrom, the European commissioner for trade, said Monday that German Chancellor Angela Merkel and French President Emmanuel Macron will meet with President Trump this week, when they are expected to discuss moving away from the looming steel tariff schedule.
The E.U. was temporarily spared from the Section 232 steel and aluminum tariffs imposed in March, having negotiated an exemption until May 1.
Aluminum Price Back Down?
The aluminum price has soared in recent weeks, in large part on the news regarding U.S. sanctions targeting Russian oligarchs and companies.
Among those companies was aluminum giant Rusal — but according to Bloomberg, aluminum’s price rally could come to an end if the U.S. eases the sanctions. As Bloomberg reported, the U.S. opened the door to a potential easing of the sanctions on Monday, which has already led to a plunge in aluminum prices.
Glencore Looks into Recapitalization of DRC Copper Unit
Glencore is considering recapitalization of its copper unit in the Democratic Republic of the Congo, the Financial Times reported.
Glencore’s Katanga Mining subsidiary, which owns the Kamoto Copper Company, is looking into recapitalization to resolve a dispute with state-owned miner Gecamines. Gecamines, according to the FT, has started legal action to dissolve Kamoto.