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Alcoa sees rise in profits as aluminium industry strengthens
Edited by : AL CIRCLE
1 min read
Alumina Ltd’s share price was up sharply on news that Alcoa, with whom Alumina are in a joint venture, saw a big jump in first quarter profits.
The US company Alcoa reported a 59 per cent increase profits for the first quarter compared to the corresponding period, reports AAP. Alumina’s CEO John Bevan tied the result to improved conditions in the aluminium industry.
"However aluminium and alumina prices have fallen recently and we remain cautious on the outlook for the remainder of the year," he said, in comments reported by The Australian.
Alumina is in a 40/60 joint venture with Alcoa in Alcoa World Alumina and Chemicals, which runs smelters at Port Henry and Portland.
The price of aluminium has been pushed down in recent years by overproduction in China.
The US company Alcoa reported a 59 per cent increase profits for the first quarter compared to the corresponding period, reports AAP. Alumina’s CEO John Bevan tied the result to improved conditions in the aluminium industry.
"However aluminium and alumina prices have fallen recently and we remain cautious on the outlook for the remainder of the year," he said, in comments reported by The Australian.
Alumina is in a 40/60 joint venture with Alcoa in Alcoa World Alumina and Chemicals, which runs smelters at Port Henry and Portland.
The price of aluminium has been pushed down in recent years by overproduction in China.
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