Ottawa, Industry Minister Joly Discuss Financial Aid with Rio Tinto Amid 50% U.S. Tariffs Impacting Canadian Aluminum Producers; Glencore and Trafigura Seek Support for Australian Smelters

The Canadian federal government is engaged in discussions with mining and metals giant Rio Tinto to provide financial assistance in response to liquidity challenges caused by U.S. steel and aluminum tariffs. Industry Minister Mélanie Joly confirmed these talks amid concerns over the impact of the 50% tariffs imposed by the U.S. on Canadian aluminum producers. Additionally, trade groups have indicated that Canada might offer financial backing to aluminum producers if the tariffs persist. Meanwhile, major commodities companies including Glencore, Rio Tinto, and Trafigura are seeking government support for Australian smelters. These companies cite high energy costs, weak refining margins, and increasing competition from China as factors threatening the viability of smelting operations in Australia.