January 9, 2014 / 11:38 PM / 6 years ago

Alcoa has no plans for legal action against LME: Kleinfeld

NEW YORK (Reuters) - Alcoa Inc. has no plans to file a lawsuit against the London Metal Exchange aimed at overturning sweeping reforms to its warehousing policy, Chairman and Chief Executive Klaus Kleinfeld said on Thursday.

The U.S. aluminum producer has been a staunch critic of planned changes, which are due to come into effect in April and will speed up the rate at which metal is delivered out of storage locations with long wait-times.

Last month, the world’s biggest aluminum producer, Rusal, launched legal action, demanding that the LME, the world’s oldest and biggest metals exchange, scrap the changes.

Producers worry the new rules will hurt physical aluminum prices.

Reporting by Josephine Mason; Editing by Steve Orlofsky

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