More Alcoa production cuts possible
Apr 09, 2014 | 03:09 PM
| Michael Cowden
CHICAGO Alcoa Inc. may consider further capacity cuts at facilities that operate at a loss despite a forecast aluminum shortage, company officials said.
Alcoas smelting capacity will be slightly less than 3 million tons per year once all announced cuts are put in place vs. roughly 4.1 million tonnes in 2007.
The production cuts are aimed at moving the company from the 43rd percentile of the cost curve to the 38th percentile by 2018, Alcoa chairman and chief executive officer Klaus Kleinfeld said during an earnings conference call with analysts April 8. "We have acted very, very fast and very drastically. This was painful but it was necessary, and we will continue to monitor the environment and act accordingly."....
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