Alcoa bullish on downstream in 2013
Jul 10, 2013 | 02:15 PM
CHICAGO Alcoa Inc. remains optimistic about prospects for its end markets, revising growth expectations upward for the automotive sector despite low aluminum prices.
Alcoa boosted its production forecast for the U.S. automotive market as new vehicle sales continued to be strong through June, pushing inventories down and prompting U.S. automakers to scale back seasonal summer plant shutdowns, Alcoa chairman and chief executive officer Klaus Kleinfeld said during the company earnings conference call July 8, stressing gains by aluminum, especially in passenger vehicle bodies.
Alcoa revised its North America automotive production growth forecast up to between 2 and 5 percent for 2013 vs. 2012 from zero to 4 percent previously.
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