Alcoa Sees Oversupplied Aluminum Market Shifting to Deficit
- Demand is set to climb by 6.5 percent this year, Alcoa says
- Aluminum has slumped more than 40 percent from a 2011 peak
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Alcoa Inc., the largest U.S. aluminum producer, maintained its forecast for global consumption of the metal this year and sees the currently oversupplied market shifting to a deficit in 2016.
Demand for the metal used in everything from aircraft to beer cans is set to climb by 6.5 percent in 2015, New York-based Alcoa said Thursday in its third-quarter earnings statement. That matched its prediction in July.