Alcoa Sees Aluminum Surplus With Lower Demand Growth
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Alcoa Inc., the largest U.S. aluminum producer, forecast a global oversupply of the metal for 2015 and the slowest rate of growth in global consumption in three years amid rising Chinese output.
Demand will increase 6.5 percent this year, compared with 9 percent in 2014, the company said as it reported first-quarter earnings after the close on Wednesday. Alcoa also said worldwide output will exceed consumption by 326,000 metric tons this year, compared with its January projection for a 38,000-ton deficit.