Aluminum

Reuters reported that Mr Vladimir Putin PM of Russia facing a wave of voter outrage as he prepares a bid to return to the Kremlin intervened to prevent an archaic 67 year old aluminum smelter with 3,500 workers from closure. Mr Putin was informed at a...

Finance News Network reports BHP Billiton's CEO Marius Kloppers says the miner will likely stop investing in its "tough" aluminium and nickel divisions and run them as "lean and mean as possible". The comments are fuelling speculation that BHP will lob off the two divisions and come just one week after the company said it would decide by January next year whether to get out of the diamond business altogether.

Norsk Hydro, one of the world's top aluminum producers, sees growth in global aluminum demand weakening in 2012 as a result of economic turbulence that is creating a weak market and pushing many industry players into the red. In a press release, Hydro's President and CEO Svein Richard Brandtzæg showed confidence in the market and he company, despite the fact Hydro's stocks dropped 2.9 percent after the prediction.

Rio Tinto has given the green light to an additional US$2.7 billion capital investment to modernize its aluminium smelter in Kitimat, British Columbia. This new investment will allow for completion of the US$3.3 billion project in 2014.

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

Alcoa (NYSE:AA) will undertake the next phase of its five-year, $2.1 billion investment plan for its Baie-Comeau, Deschambault and Becancour smelters in Quebec. "The plan will move the Quebec smelters down the aluminum cost curve by 13 percentage points and contribute to Alcoa’s goal of achieving an overall 10-point improvement. The plan will also increase production capacity by 120,000 metric tons per year and reduce greenhouse gas emissions," said the company, which announced the approval on Monday. Alcoa estimates that 6,800 job-years will be sustained during the construction, and there will be $500 million of economic spin offs for the region.

NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE: AA) today reported increased third quarter revenue and earnings compared to the year-ago quarter, but lower results sequentially, primarily due to lower metal prices, seasonal factors and weakness in Europe. Income from continuing operations was $172 million, or $0.15 per share, in third quarter 2011, compared to $61 million, or $0.06 per share, in third quarter 2010 and $326 million, or $0.28 per share, in second quarter 2011. “Aluminum prices fell in the third quarter, but most markets continued to grow,” said Alcoa Chairman and CEO Klaus Kleinfeld.

China will eventually become a net importer of aluminum but the timing of this shift is uncertain, the chief executive of Rio Tinto Alcan said Thursday.

UC Rusal, the world's largest aluminum producer, said on Monday that it had net profit of US$1.085 million for the first half of 2011, a decrease of 20.5% compared to net profit of US$1.365 million for the first half of 2010, due to certain non-cash items, mainly increase in the effective interest charges on restructured debt and decrease in net share in results of Norilsk Nickel. Revenue increased by 18.8% to US$6.323 million in the first half of 2011, as compared to US$5.321 million for the first half of 2010, mainly due to increased prices and improved product mix.