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01 NOVEMBER 2018 AL CIRCLE

Japan’s UACJ drops Rusal from 2019 suppliers list

EDITED BY : HEENA IQBAL 1MINS READ

Japanese aluminium company UACJ has removed Rusal from a list of its suppliers for next year due to uncertainty over U.S. sanction against the Russian aluminium giant, according to news published by Reuters.

“Given uncertainty over (the U.S. sanctions against) Rusal, we are removing Rusal for now from the list of suppliers from which we plan to procure aluminium ingots next year,” UACJ President Miyuki Ishihara said on Thursday.

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“But we have secured enough supplies from other sources,” Ishihara said. UACJ, one of the top aluminium rolling product manufacturers, is testing out aluminium produced by other alternative suppliers.

 Ishihara also suggested that the company may resume procurement from Rusal depending on the sanction’s situation.

The U.S. Treasury in April imposed sanctions against Oleg Deripaska and eight companies in which he is a large shareholder, including Rusal

Last month, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) had further extended the expiration date of certain general licenses related to EN+ Group plc (EN+) and United Company RUSAL PLC (RUSAL) until December 12, 2018.

UACJ has posted 41 percent drop in its recurring profit for the April-September period. The decrease in profit was driven by higher energy costs and a one-off spike in depreciation expense.

Tagged with:

RUSAL Aluminium Japan

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EDITED BY : HEENA IQBAL 1MINS READ

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