Alcoa raises deficit forecast; global demand to grow 7%

Pittsburgh-headquartered aluminum major Alcoa forecasts the global aluminum demand to increase by 7% in 2014. The firm also has raised its deficit forecast for the year from earlier 730,000 tonnes. According to the company, the aluminum supply shortfall is likely to touch 930,000 tonnes this year.

The report predicts 8-9% growth for global aerospace industry in the wake of robust demand for large commercial aircrafts and regional jets. The automotive sector is expected to grow at 1-4%. Alcoa forecasts the construction sector to grow at 4-6% and the packaging sector to grow by 2-3% during the year.

The commercial transportation market is expected to remain flat with growth rate forecast between -1% and +3%. The European market is expected to remain weak in 2014.

The struggling US aluminum producer had recently shifted focus to manufacturing auto and aerospace components. Two weeks ago, Alcoa had announced the $2.85 billion purchase of U.K. aerospace parts maker Firth Rixson Ltd., its biggest takeover in 14 years.

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