NewsFlash / Aluminium / Canadian Aluminium Trader Sinobec Files for Bankruptcy, Blames Trump's Tariffs
Canadian Aluminium Trader Sinobec Files for Bankruptcy, Blames Trump's Tariffs
iconMay 29, 2025 09:35
Source:SMM
[Canadian Aluminium Trader Sinobec Files for Bankruptcy, Citing Trump’s Tariffs] Sinobec Group, a Canadian aluminium trading firm, has filed for bankruptcy protection in both the U.S. and Canada, directly blaming President Donald Trump’s trade war for exacerbating its financial collapse. The company, which sources aluminium from countries including China, Turkey, and India, said that recent U.S. tariffs had severely disrupted its supply chain and collections process. In court filings on May 27, Sinobec reported having about US$232 million in assets and US$170 million in debt, mainly owed to a Bank of Montreal-led syndicate. It had been working for two years to refinance approximately US$103 million in loans. Despite a brief reduction in tariffs—from an initial 145% to 45%—the duties remained too high for the market to absorb, the company argued. Sinobec, which generates between US$600 million and US$800 million in annual revenue, employs 76 people across Montreal and Florida. Over 40% of its sales are to U.S. customers. Under court supervision, it now plans to sell its business to repay creditors.

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