06:51:25 EDT Thu 03 Jul 2025
Enter Symbol
or Name
USA
CA



Citigroup CDR (CAD Hedged)
Symbol CITI
Shares Issued 1,650,000
Close 2024-11-27 C$ 29.84
Market Cap C$ 49,236,000
Recent Sedar Documents

FP/wire say Citigroup warns on steel and aluminum

2024-11-28 09:16 ET - In the News

The Financial Post reports in its Thursday, Nov. 28, edition that aluminum and steel are expected to be the most affected metals by president-elect Donald Trump's proposal to impose a 25-per-cent tariff on imports from Canada and Mexico, say Citigroup analysts. A Bloomberg dispatch to the Post reports that Canada and Mexico are the largest sources of these metals for the United States. Analyst Alexander Hacking says Mr. Trump's plan to levy tariffs on these imports is likely to lead to higher prices for steel and aluminum across the country. Currently, about 70 per cent of aluminum used in the U.S. is sourced from abroad, with 60 per cent of that coming from Canada. Steel imports account for 24 per-cent of the American supply, with Canada supplying a quarter of that amount and Mexico about 15 per cent. According to the analysts, a 25-per-cent tariff could lead to steel prices increasing by $100 to $150 per short ton. For aluminum, the Midwest premium -- compared with prices on the London Metal Exchange -- could more than double to as much as 50 cents extra per pound, potentially benefiting six U.S. smelters. However, the analysts also cautioned that it could take years to restructure this supply chain.

© 2025 Canjex Publishing Ltd. All rights reserved.