Alcoa Cuts Supply and Pulls Outlook for Reeling Aluminum Market
- Metal producer says extent and duration of pandemic is unknown
- To curtail output at U.S. smelter, cut $100 million in capex
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One of the most recognizable names in the aluminum market offered little optimism for the industry as it’s rocked by the coronavirus crisis.
Alcoa Corp., the top U.S. aluminum producer, said the extent and duration of the pandemic is unknown and -- in a rare move -- suspended its market outlook. The metal, found in everything from jets to iPhones, has been among the worst-performing commodities as large swathes of the economy are stalled by lockdowns.