Quanex still expects recovery in long term
Jun 10, 2013 | 10:41 AM
| Michael Cowden
CHICAGO Quanex Building Products Corp. remains "very bullish" about its long-term prospects, but it expects no near-term relief from low aluminum prices and believes forecasts of a recovery in the repair and remodeling (R&R) market are overly optimistic, company executives said.
Low aluminum prices on the London Metal Exchange continue to pressure spreads at Quanex subsidiary Nichols Aluminum LLC, "making it difficult to significantly improve profitability," Quanex chief financial officer and senior vice president for finance Brent Korb said during an earnings conference call. "We do not see any catalyst that will significantly improve aluminum pricing in the second half (of 2013)."....
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