Alcoa Slashes Spending, Closes Smelter as Aluminum Market Braces for the Worst

SUGAR LAND--April 23, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Two months before COVID-19 shutdowns swept the U.S., things already were looking bad for the aluminum market. Alcoa Corporation (NYSE:AA) (Pittsburgh, Pennsylvania), whose economic health typically is viewed as a bellwether, said in January that the global aluminum supply would exceed demand by up to 1 million metric tons in 2020. Three months later, Alcoa is gutting expenditures and preparing to close underperforming facilities--and other aluminum majors could follow. Industrial Info is tracking more than $95 billion worth of projects worldwide that are related to the production or refining of aluminum, more than $34 billion of which currently has a 2020 kickoff date.

Within this article: How Alcoa is reacting to the COVID-19 crisis and collapsing commodity prices, and what the aluminum market could be looking at in months to come.

Other companies featured: General Motors Corporation (NYSE:GM), 2A SpA, Wisconsin Aluminum Foundry Company Incorporated