Alcoa foresees 1 million mt global alumina deficit in 2016

Lightweight metals leader Alcoa reported progress on the company’s performance against three-year financial targets and its continuing transformation as it prepares to separate into two industry-leading, publicly-traded companies. The company delivered the update at its 2015 Investor Day event in Grand Rapids, Michigan.

In its Upstream business forecast, Alcoa moved down two points on the global alumina cost curve to the 23rd percentile in 2015 with goal to improve position to the 21st percentile in 2016;

The company also projected a 1 million metric ton alumina deficit in 2016 from a 2.2 million metric ton surplus in 2015 estimated in third quarter 2015, due to record global alumina demand and refinery curtailments.

The company was recently reported to be planning to reduce aluminium smelting capacity by 503,000 metric tons and alumina refining capacity by 1.2 million metric tons. This process will begin in the 2015 fourth quarter and the company expects it to be complete by the end of the fiscal 2016 first quarter.

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