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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Rio Tinto Limited    RIO   AU000000RIO1

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Canada's Trudeau tells metal workers: 'We have your backs'

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03/13/2018 | 12:41am CEST
Canada's Prime Minister, Trudeau, delivers remarks at the Equal Voice International Women's Day Lunch in Toronto

MONTREAL (Reuters) - Canadian Prime Minister Justin Trudeau promised aluminum and steelworkers on Monday he would defend them against possible U.S. tariffs and called U.S. President Donald Trump to stress that "mutually beneficial" cross-border supply chains should be preserved.

Trump said last week he would impose import tariffs of 25 percent on steel and 10 percent for aluminum, effective later this month, but exempted Canada after an intense lobbying campaign arranged by Ottawa.

"We are ready to take action whenever action is required ... we had your backs last week and we always will," Trudeau said after visiting a Rio Tinto Ltd smelter in Alma, Quebec, his first stop on a tour this week of Canada's steel and aluminum regions.

In a phone call from the smelter town, Trudeau thanked Trump for the "special consideration" extended to Canada on the tariffs, and emphasized the importance of preserving "mutually beneficial" supply chains to support jobs and businesses on both sides of the border, his office said.

It was the second call in a week that Trudeau made to Trump on the tariffs issue.

Canada, the biggest supplier of steel and aluminum to the United States, escaped Trump's import duties along with Mexico, but the two countries could still face duties if they fail to reach a deal with the Trump administration on modernizing the North American Free Trade Agreement.

Trudeau said Canada had a lot more work to do and would press Washington to ensure the exemptions were permanent. Canada has said that tariffs would hurt both the United States and Canada.

The Canadian government has vowed to retaliate if duties are imposed, but the prime minister did not answer directly when asked what measures it might take.

Trudeau rejected calls by some Quebec union leaders to take a harder line in NAFTA talks and leave the table if Canada cannot get a better deal.

"We are negotiating the NAFTA accord in good faith and we will continue to do so, but I don't want the president to think he can bring tariffs on Canadian steel and aluminum without there being consequences," he told Radio-Canada earlier in the day.

Later this week, Trudeau is due to visit the Ontario steel city of Hamilton, where workers are on edge.

(Additional reporting by David Ljunggren and Leah Schnurr in Ottawa and Julie Gordon in Vancouver; Editing by Alistair Bell and Peter Cooney)

By Allison Lampert

Stocks treated in this article : Rio Tinto Limited, Rio Tinto
Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO 2.72% 3921 Delayed Quote.-0.53%
RIO TINTO LIMITED 1.78% 79.49 End-of-day quote.4.85%
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Financials ($)
Sales 2018 39 233 M
EBIT 2018 13 040 M
Net income 2018 8 996 M
Debt 2018 4 000 M
Yield 2018 5,22%
P/E ratio 2018 11,12
P/E ratio 2019 13,07
EV / Sales 2018 2,42x
EV / Sales 2019 2,51x
Capitalization 90 982 M
Duration : Period :
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Technical analysis trends RIO TINTO LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 63,2 $
Spread / Average Target 9,1%
EPS Revisions
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Director
Ann Frances Godbehere Independent Non-Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
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