Latrobe Magnesium (ASX:LMG) confirmed that its magnesium ingot exports to the US will be exempt from newly imposed tariffs, according to a Tuesday filing with the Australian bourse.
The company is also seeing rising demand for magnesium from the US Department of Defense, the filing said.
Additionally, the US has increased the anti-dumping duty on Chinese magnesium by 54%, making LMG's product more competitive in the US market, the filing added.
The company's shares fell 8% in recent Tuesday trade, earlier reaching an almost five-year low.
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