Alcoa Cuts Global Aluminum Forecast on China Slowdown
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Alcoa Inc., the largest U.S. aluminum producer, cut its forecast for global consumption of the metal by 1 percentage point on slowing Chinese demand, helping to trigger a decline in Asian stocks for a third day.
Demand will climb by 6 percent this year, New York-based Alcoa said yesterday in its third-quarter earnings statement. That’s less than the company’s July prediction for a 7 percent increase in usage.