Alcoa cuts off business to Russia in response to Ukraine invasion
The Russian aluminum industry has yet to be singled out for sanctions
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Here are your FOX Business Flash top headlines for March 2.
Alcoa is the first major aluminum producer to cut off business with Russia.
The largest U.S. aluminum producer says it will stop selling products to Russian companies and also stop buying raw material in response to the invasion of Ukraine, according to Bloomberg News.
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Chief Executive Roy Harvey told investors the company was assessing what to do about aluminum sales to Russian companies.
WESTERN COMPANIES SEVERING TIES WITH RUSSIA OVER INVASION OF UKRAINE, SANCTIONS
"We are deeply troubled by the invasion of Ukraine, which has caused devastating loss of life. Our hearts break for all Ukrainians who are suffering from this unprovoked conflict," Harvey wrote in a letter to employees and reported by Bloomberg. "In response to the current aggression, Alcoa will cease buying raw materials from, or selling our products to, Russian businesses."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AA | ALCOA CORP. | 45.91 | -0.54 | -1.16% |
At this point, the Russian aluminum industry, which is one of the world's largest suppliers, hasn't been singled out for sanctions.
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Russian exports of industrial metals are falling as buyers and financiers shy away, according to executives and analysts.