28 JUNE 2013MetalMiner
Aluminum glut means company’s petcoke production, income at stake
Edited by : AL CIRCLE
1 min read
Calcined petroleum coke, a key raw material commodity in aluminum production, is at the center of a storm.
The plans of many aluminum manufacturers and those in its ancillary aluminum manufacturing businesses are going awry because of the aluminum oversupply in the global market. One among those manufacturers is the India-based Rain Commodities Ltd. (RCOL), the world’s second-largest producer of calcined petroleum coke used to make aluminum.
A few days ago, the company’s chief financial officer T. Srinivasa Rao told Bloomberg that his outfit would, in all probability, not be able to meet its stated goal of doubling net income by the end of 2013.
Which means RCOL will miss its own profit forecast. Chalk that up to the slide in aluminum prices and, of course, the oversupply of the metal, which has prompted many a smelter around the world to cut down operations.
Rao has now estimated that it would take RCOL two years rather than one to double its income.
The plans of many aluminum manufacturers and those in its ancillary aluminum manufacturing businesses are going awry because of the aluminum oversupply in the global market. One among those manufacturers is the India-based Rain Commodities Ltd. (RCOL), the world’s second-largest producer of calcined petroleum coke used to make aluminum.
A few days ago, the company’s chief financial officer T. Srinivasa Rao told Bloomberg that his outfit would, in all probability, not be able to meet its stated goal of doubling net income by the end of 2013.
Which means RCOL will miss its own profit forecast. Chalk that up to the slide in aluminum prices and, of course, the oversupply of the metal, which has prompted many a smelter around the world to cut down operations.
Rao has now estimated that it would take RCOL two years rather than one to double its income.
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