Alcoa has 'no plans' to file warehousing lawsuit

US aluminium producer Alcoa said it has no plans to file a lawsuit against the London Metal Exchange over the latter’s proposed changes to its warehousing rules.

Company ceo and chairman Klaus Kleinfeld said Alcoa has seen the lawsuit filed by industry peer UC Rusal and that it “understands where they are coming from”. Alcoa cautioned against “market intervention” in the format of the new rules and thinks there are “better ways” to fix the issues of high premiums and long queues to access metal stored in warehouses, Kleinfeld said during a conference call for Alcoa’s fourth quarter results on Thursday January 9. “At this time,...

Published

Andrea Hotter

January 10, 2014

06:31 GMT

New York