Well QE kicked off last night with Alcoa with a 6 cents. In an interview with CNBC's "Closing Bell"after the earnings report was released, Chairman and CEO Klaus Kleinfeld said fundamentals in the aluminum market are "really strong."
"The market has come back into balance or even in a deficit. The physical demand continues to be strong," Kleinfeld said.
The company posted second-quarter earnings excluding items of 6 cents per share, down from 32 cents a share in the year-earlier period.
The company reported a net loss of $2 million, or 0 cents per share, compared to net income of $322 million, or 28 cents per share, in the year-ago period.
Revenue fell 10 percent to $5.96 billion from $6.59 billion a year ago. went on to say the aluminum industry has been challenged by weaker prices and rising inventories. Overall demand has been lackluster in the sluggish global economy.
Alcoa's performance reflects broader economic trends because aluminum is used to make a wide range of products from airplanes and automobiles to beverage cans and construction materials. I am infavor AA i'm seller