Trump talk helping convince China on aluminum capacity, Alcoa CEO says [Seeking Alpha]
Alcoa Corporation (AA)
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Trump talk helping convince China on aluminum capacity, Alcoa CEO saysThe Trump administration’s condemnation of cheap Chinese aluminum ishelping resolve overcapacity in China even before any measures are implemented, Alcoa (NYSE:AA) CEO Roy Harvey tells Bloomberg.The U.S. Commerce Department is expected to issue its Section 232 report later this month on national security threats posed by aluminum imports, but debate over the DoC probe has helped unveil the real issue of Chinese smelting overcapacity, which is helping convince China to take further action while also boosting global aluminum prices, the CEO says.In itsearnings presentation this week, Alcoa forecast the glut of Chinese aluminum to slip to 1.5M-1.7M metric tons in 2018 from its 2017 outlook of 1.8M-2M tons.Harvey said Alcoa believes Chinese reductions through pollution curbs and winter seasonal cuts are real and continuing, based on its study of the markets both inside and outside the country.Click to subscribe to real-
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