Alcoa (NYSE:AA) announced on Friday it is going to restart potlines at 3 aluminum smelters based in the U.S.
The company said the potlines to be restarted are at the Massena East facility in Massena, N.Y.; Wenatchee Works in Malaga, Washington; and Intalco in Ferndale, Washington.
Alcoa's initiative will add close to 260 jobs through hiring and recall, they said in a statement.
After the restarts are in place, it is expected to increase aluminum production by 137,000 metric tons throughout 2011 and by and additional 200,000 metric tons annually after that.
The reason for the restarts are to meet obligations Alcoa has to power companies over the long term and in response to expected increases in aluminum demand.
According to the company statement, they still have 674,000 metric tons of idle factory capacity.
Alcoa closed Friday at $16.42, gaining $0.06, or 0.37 percent.
Showing posts with label Aluminum Supply. Show all posts
Showing posts with label Aluminum Supply. Show all posts
Monday, January 10, 2011
Tuesday, November 23, 2010
Alcoa (NYSE:AA), Alumina (NYSE:AWC), Reliance (NYSE:RS), Century (NASDAQ:CENX), Kaiser (NASDAQ:KALU) Plunge on Aluminum Oversupply Concerns
Alcoa (NYSE:AA), Alumina (NYSE:AWC), Reliance (NYSE:RS), Century (NASDAQ:CENX), Kaiser (NASDAQ:KALU), along with other aluminum-exposed companies, are getting hit hard today on news oversupply could push down prices.
The aluminum industry has attempt to create a narrative of strong demand over the next decade or so, but in the short-term that probably won't be the case, and depending on economic conditions, could be under pressure in the mid-term as well.
Today's downward pressure is from the announcement premiums on shipments to Japan will probably fall in the first quarter of 2011 on oversupply in the market.
A growing number of analyst also believe pressure on pricing is a trend and not a temporary situation; bad news for an already struggling aluminum sector.
Alcoa was trading at $13.13, falling by $0.16, or 1.20 percent at 1:22 PM EST. Alumina was at $7.81, dropping $0.34, or 4.17 percent. Reliance was down to $44.37, losing $1.00, or 2.20 percent. Century was at $14.09, declining $0.35, or 2.42 percent. Kaiser plummeted to $46.60, falling $0.82, or 1.73 percent.
The aluminum industry has attempt to create a narrative of strong demand over the next decade or so, but in the short-term that probably won't be the case, and depending on economic conditions, could be under pressure in the mid-term as well.
Today's downward pressure is from the announcement premiums on shipments to Japan will probably fall in the first quarter of 2011 on oversupply in the market.
A growing number of analyst also believe pressure on pricing is a trend and not a temporary situation; bad news for an already struggling aluminum sector.
Alcoa was trading at $13.13, falling by $0.16, or 1.20 percent at 1:22 PM EST. Alumina was at $7.81, dropping $0.34, or 4.17 percent. Reliance was down to $44.37, losing $1.00, or 2.20 percent. Century was at $14.09, declining $0.35, or 2.42 percent. Kaiser plummeted to $46.60, falling $0.82, or 1.73 percent.
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