Alcoa says Chinese auto demand will boost sales by up to 8% this year

Article by Christian A., on October 9, 2010

Alcoa Inc. predicts that aluminum sales to the automotive industry will increase by up to 8% this year, with Chinese sales up by 15% to 20%. Alcoa, which is the largest US aluminum producer, said that it posted profit that exceeded analysts' estimates.

It also believes that the increase in Chinese demand will contribute to boost global use by 13% this year. In New York trading, Alcoa posted gains after raising its prediction for aluminum consumption from 12% previously, citing higher demand from Russia, Brazil and India.

Alcoa posted third-quarter earnings excluding certain items of 9 cents a share, topping the 5-cent average estimate of 16 analysts surveyed by Bloomberg.

Anthony Rizzuto, a New York-based analyst at Dahlman Rose & Co. who had rated Alcoa shares “hold,” said that what struck him was “the strength in commercial transport.” He expects prospects for the company at least over the coming quarter to improve with higher metal prices.

“What did really jump out at me was the strength in commercial transport,” Anthony Rizzuto, a New York-based analyst at Dahlman Rose & Co. who rates Alcoa shares “hold,” said yesterday in a telephone interview. “Prospects for the company at least over the coming quarter should improve with higher metal prices.”

If you liked the article, share on:

Topics: china, sales

Comments

Recommended

It has been nearly eight years since Toyota entered a new era of sports cars when it officially unveiled the production version of the Toyota 86 – also known as...
by - February 27, 2019
The new Audi TT RS – yes, the top version of the German carmaker’s facelifted TT model series – is now officially here. If you could remember, the range-topping TT...
by - February 18, 2019
Nearly half a year ago when McLaren Automotive unveiled the McLaren 600LT Coupe, the British carmaker is now introducing a version that lets its passengers enjoy the thrill of an...
by - January 25, 2019
German carmaker Volkswagen is now making the latest evolution of the new Volkswagen Golf GTI -- the new Golf GTI TCR. First unveiled as a concept at the annual GTI...
by - January 24, 2019
It has been three and a half years since BMW unveiled the sixth generation of the BMW 7 Series. Thus, it is really about to give the 7 Series a...
by - January 17, 2019