Alcoa Sees Aluminum Cuts as Production Gains: Commodities
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Alcoa Inc. Chief Executive Officer Klaus Kleinfeld said in January China’s aluminum industry would cut 1.1 million metric tons of unprofitable capacity “pretty soon.” So far that prediction isn’t close to coming true.
China’s aluminum industry, the world’s largest, saw output rise 18 percent in the first two months of the year, according to International Aluminum Association data. That’s helped to boost global supplies and create a surplus of the metal while curbing prices, which are down 22 percent from a year ago.