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Alcoa CEO: Still See Global Aluminum Market In Deficit In 2012

By Matt Day Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Consumption of aluminum is on pace to outpace production of the lightweight metal this year as some money-losing Chinese smelters limit their output, Alcoa Inc.'s (AA) chief executive said on Tuesday. "We see [demand] growth in pretty much all global end markets," Klaus Kleinfeld said on a conference call to discuss the top U.S. aluminum maker's first-quarter earnings. Alcoa expects global demand for the metal to outpace production by 435,000 metric tons, down slightly from its January forecast for a deficit of 600,000 tons on expectations of fewer production cutbacks outside of China. Prices of the metal, which is used in packaging, beverage cans, cars, trucks and airplanes, among other uses, have been capped in recent months by ample supply. In China, by far the world's top producer, production hit a record in February, according to International Aluminum Institute data, even as Alcoa and other companies based in Europe and the U.S. announced output cutbacks. Alcoa this year announced plans to close or idle 12% of its aluminum-smelting capacity in an effort to lower its costs. Alcoa's outlook for a global production deficit hinge on expectation that Chinese smelters will take about 1.1 million tons of production offline in response to high energy costs, Kleinfeld said. Alcoa said on Tuesday that its first-quarter profit fell 69% from a year earlier as aluminum prices fell and energy costs rose. The company reported a profit of $94 million, or nine cents a share, down from a year-earlier profit of $308 million, or 27 cents a share. -By Matt Day, Dow Jones Newswires; 212-416-4986; matt.day@dowjones.com

Stock News for Alcoa (AA)
DateTimeHeadline
02/10/201610:25:25Amended Statement of Ownership (sc 13g/a)
02/10/201610:17:35Amended Statement of Ownership (sc 13g/a)
02/05/201616:27:17Initial Statement of Beneficial Ownership (3)
02/05/201616:24:35Initial Statement of Beneficial Ownership (3)
02/05/201616:17:10Initial Statement of Beneficial Ownership (3)
02/04/201616:57:38Current Report Filing (8-k)
02/04/201615:08:04Statement of Changes in Beneficial Ownership (4)
02/04/201614:46:47Statement of Changes in Beneficial Ownership (4)
02/04/201611:47:09Statement of Changes in Beneficial Ownership (4)
02/01/201617:31:28Amended Current Report Filing (8-k/a)
02/01/201610:30:00Alcoa Reaches Deal With Elliott on Board Members
02/01/201609:57:16Amended Statement of Beneficial Ownership (sc 13d/a)
02/01/201609:00:00Alcoa to Appoint Three New Directors to Its Board
01/28/201608:30:00Alcoa Wins Fourth Boeing Contract in String of Recent Deals
01/25/201611:00:00Elliott Boosts Alcoa Stake to 7.3%
01/25/201609:07:42Amended Statement of Beneficial Ownership (sc 13d/a)
01/22/201606:10:54Current Report Filing (8-k)
01/21/201616:44:34Statement of Changes in Beneficial Ownership (4)
01/21/201616:43:15Statement of Changes in Beneficial Ownership (4)
01/21/201616:41:30Statement of Changes in Beneficial Ownership (4)

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