Rio Tinto-backed Aluminerie Alouette to invest $1.1 billion in Quebec - Bloomberg

Investing.com -- Aluminerie Alouette, an aluminum producer partially owned by Rio Tinto (NYSE:RIO), plans to invest up to C$1.5 billion ($1.1 billion) to modernize its facilities in northern Quebec, Bloomberg reported Wednesday.

The company has reached a new electricity supply agreement with Hydro-Quebec, the Quebec government-owned power utility, according to Bloomberg, citing sources familiar with the matter who requested anonymity.

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This investment comes at a time when the aluminum industry faces challenges from the White House’s implementation of 50% tariffs on foreign aluminum imports. These tariffs are expected to negatively impact both Canadian and American businesses that use aluminum as a raw material.

The modernization project represents a significant capital commitment to the Canadian aluminum sector, which has been navigating trade tensions in the North American market.

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