Trump administration throws more support behind Inola smelter in new court filings

Aluminum stocks AA, KALU, and CENX rallied after Emirates Global Aluminium halted operations due to Iranian attacks. Aluminum prices rose 2% on the LME. JPMorgan upgraded AA to 'Neutral' with a $68 target and raised KALU's target to $124. AA, KALU, and CENX gained 32%, 11.5%, and 57.5% YTD, respectively.

Century Aluminum (CENX) stock rose 2.9% in pre-market trading due to U.S. tariffs on Canadian goods, benefiting U.S. steel and aluminum companies. The company reported strong Q2 2026 earnings, with net income of $249.3 million and revenue up 20% year-over-year. Analysts from UBS and BMO Capital have issued Buy ratings, and institutional investors like BlackRock and Vanguard have increased their stakes. The rally is driven by company-specific factors, as broader market indices are slightly lower.

The U.S. may cut Canadian auto import tariffs to 15%, with steel and aluminum tariffs reduced to 25%, according to Reuters. The reductions depend on U.S.-sourced content and import volumes. An agreement must be reached by Saturday to avoid $20B in tariffs. Steel stocks like NUE, STLD, and CENX fell sharply on Wednesday.

Shares of U.S. steel and aluminum companies Nucor (NUE), Steel Dynamics (STLD), Century Aluminum (CENX), and Cleveland-Cliffs (CLF) fell on Wednesday after reports that the U.S. may halve tariffs on Canadian steel and aluminum imports to 25%. The tentative deal is not finalized and may not apply universally. Talks between the U.S. and Canada continue, with a broader trade agreement deadline on Friday.

U.S. steel stocks fell Wednesday after a Bloomberg report indicated planned tariff reductions on Canadian steel and aluminum imports. Steel Dynamics (STLD) dropped 7%, Nucor (NUE) and Century Aluminum (CENX) declined over 6%, and Cleveland-Cliffs (CLF) fell around 4%. The report cited people familiar with the matter but could not be immediately verified.

Century Aluminum (CENX) reported Q2 2026 results on an earnings call: net sales $752.1 million, adjusted EBITDA $326.9 million, and adjusted net income $257.3 million ($2.46/share). Aluminum shipments rose 6% sequentially to 130,632 tonnes. Cash was $343.4 million and net debt $98 million. Q3 adjusted EBITDA guidance is $325 million to $345 million.