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Monday, January 10, 2011

Global Aluminum Demand Rebound is Largest in Nearly 15 Years

Aluminum demand rebounded 14 percent in 2010, the biggest increase since at least 1996, according to data compiled by Bloomberg and reported on Monday. The worlds largest aluminum producer, Alcoa also reported that global consumption will likely continue to increase in 2011 -- probably by at least 12 percent.

Alcoa also reported its highest profit in nine quarters revealing that the price of its product is now approaching pre-recession levels.

Additionally, Chief Financial Officer Chuck McLane said, "Each of our businesses was able to significantly improve their performance." Demand strengthened in most of the Alcoa markets and productivity gained.

And the good news for jobs in the industry? The company said it will restore idled production at three U.S. plants in 2011. More evidence that the 2011 labor market is on the mend.

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