BUZZ-Alcoa falls on forecasting $90 million tariff hit in Q2
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Alcoa's shares fell nearly 3% to $24.35 after the company forecasted a $90 million impact from tariffs in Q2. Current U.S. duties on aluminum imports are at 25%, with Canadian imports costing about $20 million in Q1. Alcoa expects annual costs to rise by $10 million to $15 million due to sourcing from Chinese suppliers. Despite a 16.4% recovery from a four-year low, the stock is down 33.6% year-to-date.
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