Calls for tariffs on Canadian aluminum come with a Glencore twist
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Glencore’s investments and partnerships, however, span the globe.
When it comes to aluminum, it has close ties with Russia’s United Company Rusal Plc, one of the largest producers in the world.
In 2018, after the U.S. imposed sanctions on Russian companies, Glencore’s chief executive Ivan Glasenberg resigned from the board of Rusal, and the company said it was evaluating its ties, which included “various contracts for the purchase of alumina and aluminum.”
Earlier this year, Rusal announced that it had struck an agreement in which Glencore would “market,” or trade its aluminum. Under the deal, Glencore would buy roughly 6.9 million tonnes of aluminum from Rusal, between now and 2024 or 2025, a deal valued at around US$16.3 billion.