STEELGURU
Strong aluminum use despite price drop
Edited by : AL CIRCLE
1 min read
Alcoa Inc expects global demand for aluminum to hold up into the Q4 despite a falling metal price and fears the global economy may slip back into recession.
Mr Klaus Kleinfeld CEO of Alcoa said that Alcoa remains a confident company in a very nervous world. He thought the world was almost worrying itself into another recession.
Mr Kleinfeld said that fears of slowing economic growth and speculative selling knocked prices for the industrial metal lower. The Pittsburgh based metal producer's earnings were lower than expected. But he thought sellers were on the wrong side of the trade.
He reiterated the aluminum giant's 12% demand growth outlook for 2011 and estimated total consumption of 44.3 million.In 2010, global demand for the metal used in everything from construction, autos, aerospace and beverage cans grew by 13%.
Mr Klaus Kleinfeld CEO of Alcoa said that Alcoa remains a confident company in a very nervous world. He thought the world was almost worrying itself into another recession.
Mr Kleinfeld said that fears of slowing economic growth and speculative selling knocked prices for the industrial metal lower. The Pittsburgh based metal producer's earnings were lower than expected. But he thought sellers were on the wrong side of the trade.
He reiterated the aluminum giant's 12% demand growth outlook for 2011 and estimated total consumption of 44.3 million.In 2010, global demand for the metal used in everything from construction, autos, aerospace and beverage cans grew by 13%.
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