Aluminum Climbs With Output Facing Pressure in Europe, China
- Alcoa to idle Europe’s second-biggest smelter for two years
- Metal has advanced more than 40% this year amid tighter supply
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Aluminum rose as investors weighed fresh signs of pressure on output, with Alcoa Corp. planning to shut a European plant and Beijing vowing to cut carbon emissions from China’s huge army of smelters.
Alcoa will halt a Spanish plant for two years amid soaring energy costs, which will also further curtail output at a Norsk Hydro ASA unit in Slovakia. In China, the government said it wanted carbon emissions from the aluminum industry to fall 5% in the first half of this decade.