Bonnell Aluminum Commenting on Proclamation to Strengthen the Rules to Qualify for Trade Benefits Between the U.S. and Mexico

Rhea-AI Summary

Bonnell Aluminum, a subsidiary of Tredegar (NYSE: TG), has lauded the Biden administration's recent proclamation aimed at strengthening the rules for qualifying for trade benefits between the U.S. and Mexico. This new mandate requires aluminum imports to meet specific 'smelted and cast' criteria to be exempt from the Section 232 Tariff. It blocks preferential treatment for aluminum imports where the primary or secondary smelting or the most recent casting took place in Belarus, China, Russia, or Iran. The regulation aims to address unfair trade practices involving subsidized metals from these countries. For more information, refer to the July 10, 2024, press release by The Aluminum Extruders Coalition.

Positive

• The Biden administration's new rules may reduce unfair competition by ensuring that aluminum imports meet stringent 'smelted and cast' criteria.
• The requirement excludes cheaper, subsidized metals from China, Russia, Belarus, and Iran, potentially benefiting U.S. aluminum producers.

Negative

• The exclusion of aluminum smelted or cast in countries like China and Russia may increase raw material costs for U.S. manufacturers relying on these imports.

NEWNAN, Ga.--(BUSINESS WIRE)-- Bonnell Aluminum, a subsidiary of Tredegar Corporation (NYSE: TG), commends the Biden administration’s proclamation to strengthen the rules to qualify for trade benefits between the U.S. and Mexico.

Under this proclamation, for aluminum to qualify for relief from the Section 232 Tariff, the "smelted and cast" requirement prohibits preferential treatment for imports where the primary country of smelt, secondary country of smelt, or country of most recent cast was Belarus, China, Russia, or Iran. This negotiated requirement recognizes the inherent unfair trade practice which occurs when U.S. trading partners can process subsidized metal from countries like China and Russia.

Additional details are available in the July 10, 2024, press release by The Aluminum Extruders Coalition:

Read the full press release >>

About Bonnell Aluminum

Bonnell Aluminum is a subsidiary of Tredegar Corporation (NYSE:TG). The Company is a leading manufacturer of custom-fabricated and finished aluminum extrusions serving the building and construction, automotive and transportation, consumer durables, machinery and equipment, electrical and distribution markets. Branded product lines include TSLOTS by Bonnell Aluminum and Futura Transitions by Bonnell Aluminum. The Company has manufacturing facilities located in Newnan GA, Carthage TN, Niles MI, Elkhart IN, and Clearfield UT.

For additional information about Bonnell Aluminum, please visit www.bonnellaluminum.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711331962/en/

Guy Charpentier

Division Marketing Director

Email: guy.charpentier@bonnellaluminum.com

Source: Bonnell Aluminum

FAQ

What changes did the Biden administration make to trade benefits for aluminum between the U.S. and Mexico?

The Biden administration strengthened the rules, requiring aluminum to meet 'smelted and cast' criteria to qualify for trade benefits, excluding materials from Belarus, China, Russia, and Iran.

When was the new trade proclamation for aluminum imports announced?

The new trade proclamation was announced on July 10, 2024.

How does the new proclamation affect aluminum imports from China and Russia?

The proclamation prohibits preferential treatment for aluminum imports where the primary or secondary smelting or most recent casting occurred in China or Russia.

What is the stock symbol of Tredegar ?

The stock symbol of Tredegar is TG.

Why did Bonnell Aluminum commend the new trade benefits rule?

Bonnell Aluminum commended the rule as it aims to reduce unfair trade practices by excluding cheaper, subsidized metals from countries like China and Russia.