Why it’s on the map
Captures the US aluminum premium but ~961kt of its smelting is in Canada vs ~291kt US — its own tons pay the 50% duty. Record Q2 revenue $4.0B.
Government money & contracts
None.
Customers & commercial
Global.
Catalysts
$4.1B South32 deal; Q3.
Risk
Guided ~$10M/qtr 232 cost on Canada→US tons; no US restart planned.
Tariff durability
Mixed by geography.