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MarketScreener Homepage  >  Equities  >  BOLSA DE COMERCIO DE BUENOS AIRES  >  Aluar Aluminio Argentino S.A.I.C.    ALUA   ARALUA010258

ALUAR ALUMINIO ARGENTINO S.A.I.C. (ALUA)
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Aluar Aluminio Argentino I C : Argentina to ask U.S. for exemption from steel, aluminium tariffs

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03/09/2018 | 01:36am CEST

BUENOS AIRES (Reuters) - Argentina will seek to join Mexico and Canada in getting an exemption from U.S. tariffs on steel and aluminium imports, which President Donald Trump finalised in a proclamation on Thursday, the South American country's Foreign Ministry said.

In pressing ahead with the 25 percent tariffs on steel imports and 10 percent for aluminium, Trump exempted Canada and Mexico in a move aimed at pressuring them to give ground in separate talks on the North American Free Trade Agreement.

"Trump affirmed that others could receive this privilege, through a process that will be announced shortly," the Foreign Ministry said in a statement, noting that Argentina accounted for just 0.6 percent of U.S. steel imports and 2.3 percent of its aluminium imports.

"Argentina is not the cause of nor does it contribute to the distortions that affect U.S. and world markets."

Aluar Aluminio Argentino, Argentina's sole primary aluminium producer, which is 10 percent state-owned, asked the U.S. Commerce Department last year to exempt it from any adverse measures implemented after its investigation into the national security impacts of imports of the metal.

The company has also been seeking to diversify its export destinations.

Shares in Argentine steel producer Siderar, controlled by Ternium SA, fell after Trump announced the tariffs earlier this month, but have since recovered.

In 2017, Argentina exported $763 million of aluminium and $686 million of steel, each representing slightly more than 1 percent of total exports, government data show. The NAFTA market, which includes the United States, was the primary destination for both products.

Protectionist measures from the United States have tested bilateral relations, which have generally improved since President Mauricio Macri took office in late 2015 and sought to boost Argentina's foreign trade after more than a decade of populist rule. Macri has said he is willing to challenge U.S. tariffs on biodiesel imports at the World Trade Organization.

(Reporting by Luc Cohen; Editing by Peter Cooney)

Stocks mentioned in the article
ChangeLast1st jan.
ALUAR ALUMINIO ARGENTINO S.A.I.C. 0.00%-End-of-day quote.0.00%
LME ALUMINIUM CASH 1.89% 2018.5 End-of-day quote.-10.53%
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Financials (ARS)
Sales 2019 48 596 M
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 1,15x
EV / Sales 2020 0,91x
Capitalization 55 860 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 27,0  ARS
Spread / Average Target 35%
Managers
NameTitle
Javier Santiago Madanes Quintanilla Chairman
Norberto Andrés Romero Head-Administration & Finance
Daniel Friedenthal Vice Chairman & Head-Auditing
Alberto Eduardo Martínez Costa Secretary, Director & General Counsel
Ángel Alfredo Mantero Independent Director
Sector and Competitors