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23 OCTOBER 2022 AL CIRCLE

Alcoa lowers its outlook for alumina and bauxite shipments

EDITED BY : RUPANKAR MAJUMDER 1MINS READ

The Pittsburgh-based industrial production and the world's eighth-largest aluminium producer, Alcoa, is lowering its outlook for alumina and bauxite shipments on the ground of demand contracts and reducing output.

Alcoa lowers its outlook for alumina and bauxite shipments

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According to the Q3 earning report, the company anticipates alumina shipments to range from 13.1 million tonnes - 13.3million tonnes (t), a dip of 500,000 tonnes. This lower production level results from the company's San Ciprián refinery's 50% reduction in production, or 800,000 tonnes per year, to reduce its losses from higher natural gas prices. The Australian refineries of Alcoa are also expected to minimise shipment volumes.

Due to lower demand from Australian refineries, the bauxite shipment estimates for the year have been reduced by 1 million tonnes to 43-44 million tonnes.

Report on Future of Aluminium in Transporation Sector

Bauxite production dropped by 12 per cent to 10.3 million tonnes in Q3, with 91 per cent of shipments remaining within the company.

It reported a loss of $746 million in the third quarter compared with a profit of $337 million a year earlier.


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EDITED BY : RUPANKAR MAJUMDER 1MINS READ

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