Contributor: Nicholas Bell

A federal trade court found that Trump’s use of the International Emergency Economic Power Act (IEEPA) to justify tariffs early April and dubbed the “Liberation Day” tariffs was unconstitutional.

Capral may not have announced it yet – but I’m betting they’ll be hanging their name on this Tennessee project before long.

While spreads in the 66-67% range offer relief from the 82-83% squeeze seen earlier this year, they’re resting on a delicate equilibrium.

Terminal markets firmed up amid new smelting announcements, tightening bauxite expectations, and jittery macro signals.

Rio Tinto is embarking on a major upgrade of the nearly century-old Isle-Maligne hydroelectric station in Quebec, preserving one of the lowest-cost smelting footprints in the world.

While Michigan-based Superior did not name the “large North American OEM customer”, the scale suggests a major Detroit-based automaker.

In a quarter where aluminum prices rallied and shipments nudged upward, Novelis found itself caught between expansion plans and unfortunate timing.

Since the aluminum market is subject to Section 232 tariffs of 25%, regardless of source, and which supersedes the 10% tariff, it would bring the effective tariff rate on aluminum products brought into the US from China to 45%.

Litho sheet is typically costly and a rare grade of scrap to come by. Unlike other more specific alloys, like 6061 or 5052, it can be consumed by just about anyone or added to just about any melt mix.

For domestic automotive manufacturers, first quarter earnings results defined by a familiar theme: suspended guidance and constant references to “tariff uncertainty”.