Alcoa Says Chinese Demand Drives Growth in Aluminum Consumption
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Alcoa Inc., the largest U.S. aluminum producer, reported profit that beat analysts’ estimates and said growing Chinese demand will help boost global use by 13 percent this year.
Alcoa advanced the most in three months in New York trading a day after raising its prediction for aluminum consumption from 12 percent previously, citing higher demand also from Brazil, Russia and India. The New York-based company posted third-quarter earnings excluding certain items of 9 cents a share, topping the 5-cent average estimate of 16 analysts surveyed by Bloomberg.