Noranda largely bullish on aluminum
Apr 24, 2013 | 04:35 PM
| Michael Cowden
CHICAGO Noranda Aluminum Holding Corp. remains largely optimistic on aluminum, with firm demand for value-added aluminum products and high premiums helping offset declining aluminum prices on the London Metal Exchange during the first quarter, executives said in an April 24 conference call.
The Franklin, Tenn.-based aluminum producer saw earnings slide during the quarter (amm.com, April 24), it was able to turn a profit despite some estimates that as much as 49 percent of global aluminum capacity is running at break-even or at a loss, president and chief executive officer Layle K. "Kip" Smith said.
Smith attributed the companys relative success in part to the fact that it ships more than 98 percent of its products to destinations in the United States. "Right now, being aligned with the U.S. economy is a very good place to be," he said. ....
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