Alcoa CFO: Canada Tariff Cut Won't Fully Remove Midwest Aluminum Premium
Alcoa CFO Molly Beerman said the U.S. needs about 4 million tons of annual aluminum imports, while Canada can supply only 3 million tons. If waivers cover the remaining 1 million tons from other partners, she expects the Midwest premium to drop, erasing tariff advantage. Alcoa makes about 900,000 tons in Canada and pays over $1 billion in tariffs to ship output to the U.S.; with limited Middle East supply, its order book is nearly sold out for 2026. The Midwest premium is $1.09 per lb.