On March 10, 2023, Canada prohibited the importation of all Russian aluminium and steel products in a move that the nation stated aimed to deny Russia's ability to fund the Russia-Ukraine geopolitical crisis.
Chrystia Freeland, Finance Minister, stated that Canada would do everything to cut off or limit the Russian revenue used to fund the crisis.
The ban covers both finished and unfinished products of aluminium and steel. However, it would impact importing products such as aluminium sheets and containers, steel tubes and pipes.
On February 24, 2023, the United States administration declared the imposition of a 200 per cent import tariff on aluminium and derivatives produced in Russia from March 10, 2023, in response to the ongoing Ukraine-Russia geopolitical, the world's largest economy retains towards compression of Russia's revenue.
AlCircle’s freshly published industry-focused “Global Aluminium Industry Outlook 2023” revealed that Canada posted an increase in production, and the US witnessed a decline. Of the total North American production in 2022 (first 9 months), Canada accounted for about 76% of the total production. The leading producers of primary aluminium in Canada include Alcoa Inc., Aluminerie Alouette Inc., and Rio Tinto.
Responses
