COLUMN-The aluminium puzzle: record deficit but bombed-out price: Andy Home [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
COLUMN-The aluminium puzzle: record deficit but bombed-out price: Andy Home (The opinions expressed here are those of the author, a columnist for Reuters) * Chinese aluminium exports: tmsnrt.rs/2HjIiqc By Andy Home LONDON, Jan 18 (Reuters) - A new year but the same old problems for aluminium. “When you look at the economics of producing aluminium, these prices cannot be sustainable.” That was the stark message from Roy Harvey, president and chief executive of U.S. aluminium producer Alcoa, speaking on the company’s Q1 results call. With the London Metal Exchange (LME) aluminium price languishing near two-year lows at a current $1,870 per tonne, Alcoa estimates some 30 to 40 percent of the world’s smelters are losing money. Alcoa’s own aluminium smelting operations recorded a net operating loss of $53 million in the fourth quarter of 2018. It is in the process of closing two Spanish plants, another rejig of its smelter portfolio aimed at being “competitive through all cycles”. The curr
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