Glencore Won’t Renew Rusal Aluminum Deal as Things Stand
- Rusal’s $16 billion deal with Glencore expires next year
- Trading house Trafigura in talks with Rusal over supply deal
Rusal’s aluminum has for years underpinned Glencore’s status as the dominant global trader of the metal.
Source: Bloomberg
This article is for subscribers only.
Glencore Plc is willing to walk away from a $16 billion deal to buy aluminum from Russia’s No. 1 producer, in a move that would distance itself from one of its biggest rivals.
Under the company’s current policy of not doing any new business with Russia, it won’t renew a deal with United Co. Rusal International PJSC when that expires next year, according to Glencore Chief Executive Officer Gary Nagle. The trading house introduced that policy a month after Russia’s invasion of Ukraine, but continued to honor existing contracts.