Alumina: For the bold and the patient

Aloca’s quarterly results confirm the industry is suffering. Amid gloom and fear, Gaurav Sodhi restates the case for Alumina.

Alcoa’s second quarter results confirmed what everyone has long suspected; the aluminium industry is in dire form. Alcoa reported a small quarterly loss after restructuring costs. On an underlying basis, the world’s third largest aluminium business made just US$61m in quarterly profit on revenue of more than US$6bn. Even in a very capital intensive industry, it’s an awful result.

In an almost desperate plea for clemency, Alcoa continues to remind the world that global demand for aluminium is rising; it’s expected to grow 7% this year. But as the tumbling price of the metal attests, supply growth is even stronger.



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