Alcoa cut its forecast for global consumption of Aluminum to 6% from 7%.
“We do see a slight slowdown in some regions in end- markets, and the main driver for this is China,” Chairman and Chief Executive Officer Klaus Kleinfeld said on a conference.
The global economy is clearly slowing and that's what IMF said in recent statement on global economy see details. China slow down will have impact on other commodities as well.
Alcoa was the first company on DJIA to report earning. It reported a third quarter net loss of $148 million (13 cents a share) with a net income of $172 million (15 cents). These figures were not as bad as some analyst predicted.
If aluminum prices drops below $2,000/ton then it may drive more production & job cuts.
Further reading from Bloomberg.
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