Alcoa and Century Aluminum boosted by Bloomberg report of 200% tariff on Russian aluminum

Alcoa Corporation (NYSE:AA) and Century Century Aluminum Company (NASDAQ:
CENX) shares opened to the fore on Monday after a Bloomberg report said the US would impose a 200% tariff on Russian-made aluminum as early as this week.

Both AA and CENX rose early in the session, then fell and are now down.

Bloomberg said the Biden administration is taking steps that have been debated for months to keep the pressure on the Russian government.

The publication adds that the US is also targeting the Russian metal industry as Moscow is dumping aluminum on the US market, harming US companies.

Severe tariffs would effectively halt US metal imports from Russia, the world’s second-largest producer of aluminum. Additionally, the report states that aluminum shipped from Russia accounts for about 10% of total US imports.