Granges halts plans for North America aluminium manufacturing joint venture
STOCKHOLM, Aug 17 (Reuters) – Sweden's Granges put on ice its plans to form an aluminium manufacturing joint venture in North America with Japan's Mitsubishi Aluminum Co on Friday, saying that the project was less attractive in "current circumstances".
The project was less attractive in "current circumstances".
The venture was expected to combine Granges' and Mitsubishi Aluminum' expertise in aluminium rolling to establish a new production facility in North America and manufacture advanced aluminium materials for brazed automotive heat exchangers.
Taking a more protectionist posture on trade, U.S. President Donald Trump has imposed tariffs on imported aluminium and steel and is also considering higher tariffs on imported cars.
"Granges has decided to halt the plans for a joint venture in North America, as the project isn't sufficiently attractive for Granges from a risk-reward perspective given the current circumstances," the company said in its statement on Friday.
It did not specify what circumstances it was referring to.
(Reporting by Esha Vaish in Stockholm; Editing by Johannes Hellstrom)