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

Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 2017
The 2018 Jaguar XEL with its stretched-out wheelbase and longer doors is the newest addition to the growing list of premium sedans in China---joining the ranks of Mercedes-Benz C-Class L,...
by - November 21, 2017
Honda this week announced that its all-new 2018 Clarity Plug-in Hybrid will arrive at US dealerships with a starting price of $33,400 beginning on the first of December. Because the...
by - November 21, 2017
Lamborghini had been expected to refresh its entry-level model – the Lamborghini Huracan – in late 2018 or early 2019. But here is some good news for fans of the...
by - November 20, 2017
The Chevrolet Corvette will be turning 65 years old in 2018, and as part of the celebrations, the brand is introducing a special edition C7 – the Chevrolet Corvette Carbon...
by - November 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries