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Alcoa, Inc.

5/25/2013, 1:45 AM ET

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Monday, May 20, 5:49 PM Alcoa (AA) fills in more of the details on the 460K metric tons of smelting capacity it wants to remove, saying it will postpone construction of a potline at its Baie-Comeau smelter in Quebec and prepare for the upgrade by investing $100M during the next three years, as well as permanently shutting the plant’s two Soderberg potlines. AA says related charges will remove $0.11-$0.13 from EPS in 2013. 2 Comments [Commodities]
Thursday, May 16, 2:54 PM Aluminum demand is strong despite record-high inventories and will be further buoyed in coming years by increased usage in the automotive and aerospace industries, a top Alcoa (AA +0.6%) and other industry players tell CRU's World Aluminum congress. Alcoa says it is investing $575M in two new U.S. automotive sheet production facilities to meet North American demand that should quadruple by 2015. 4 Comments [Commodities]
Wednesday, May 15, 10:36 AM China has temporarily halted 1M metric tons/year of primary aluminum (JJC) capacity YTD and could cut another 300K tons capacity before year-end if metal prices remain low, but it won't solve the global glut, CRU consultants say. China is producing at a rate of 24M tons/year of aluminum; its share of global production will exceed 50% by the end of the decade, when it could reach 42M tons - "quite scary," CRU says. (earlier) Comment! [Commodities, Global & FX]
Tuesday, May 14, 7:49 AM The aluminum market (JJU) remains vastly oversupplied, even as the world’s top producer United Co. Rusal cuts Q1 output 4% to trim the global surplus that’s helped send prices 10% down YTD. A push by China to bolster aluminum production in Xinjiang province is adding to excess domestic stocks, Rusal notes. Also, LME-approved warehouses globally are piled high with 5M-plus tons of the metal. 2 Comments [Commodities, Global & FX]
Monday, May 6, 5:00 AM President Obama has signaled his support for increasing the U.S.'s exports of natural gas, saying that the country will probably be a net seller of LNG by 2020. The Department of Energy is assessing applications for 20 projects to export gas to nations with which the U.S. doesn't have a free trade agreement. Companies that could benefit include Dominion Resources (D), Cheniere Energy (LNG), Oiltanking Partners (OILT), Williams Cos. (WMB), Boardwalk Pipeline Partners (BWP) and Sempra Energy (SRE). Dow Chemical (DOW) and Alcoa (AA) are among those to oppose increased LNG exports, as it could raise their costs. 8 Comments [Energy, Top Stories]
Friday, May 3, 9:34 AM Alcoa Inc. (AA) declares $0.03/share quarterly dividend, in line with previous. Forward yield 1.42%. For shareholders of record May 13. Payable May 27. Ex-div date May 09. (PR) 3 Comments [Dividends]
Thursday, May 2, 10:57 AM With automakers on pace to sell the most cars and light trucks in the U.S. this year since 2007, Alcoa (AA -0.4%) says it plans to spend $275M in the next three years to expand its Alcoa, Tenn. plant to boost capacity to produce aluminum sheet for the automotive industry. AA's previously announced $300M expansion of its Davenport, Iowa plant is set to be completed by the end of this year. 1 Comment [Commodities]
Wednesday, May 1, 11:22 AM Alcoa (AA -1.8%) plans to review 460K metric tons of capacity over the next 15 months for potential curtailment, ~11% of global capacity, in a bid to compete in a market where aluminum prices have plunged more than 33% since peaking in 2011. Alcoa already has 13% of its smelting capacity idle; just weeks ago, it reported solid demand in its auto and aerospace end markets. 3 Comments [Commodities, On the Move]
Friday, April 26, 2:00 PM S&P revises its outlook for Alcoa (AA -0.5%) to Negative from Stable and affirms the company's corporate credit rating at BBB-. Comment! [Commodities]
Tuesday, April 16, 12:34 PM Alcoa (AA +1%) expects to more than triple its sales of aluminum sheet to automakers by 2015 as they reduce car weight by substituting it for steel in car bodies, a top exec says: The market is moving from expensive, luxury vehicles into the mass market vehicles, as manufacturers are being forced to cut weights of cars to meet tough emission standards. 1 Comment [Commodities]
Tuesday, April 9, 10:19 AM Several big miners are advancing after Alcoa (AA) last night said global end market demand growth was solid and it continues to expect global aluminum demand to rise 7% in 2013. In early trading, RIO +3.3%, BHP +2.2%, VALE +2.6%, FCX +2.1%, CLF +4.4%. 4 Comments [Commodities, On the Move]
Tuesday, April 9, 10:07 AM Nomura cuts its estimates and share price target to $8 from $9 on Alcoa (AA -0.8%) following Q1 results, citing escalating concerns about free cash flow due to aluminum price declines and a potential debt downgrade. The firm cuts 2013 EPS estimates to $0.30 from $0.40 and FY 2014 to $0.65 from $0.80. Comment! [Commodities, Earnings]
Monday, April 8, 4:27 PM More on Alcoa's (AA) Q1 results: Operating results were aided by an income tax benefit and positive impact of mark-to-market changes on energy contracts. Reaffirms 2013 aluminum demand growth of 7%; reduces its surplus projection for aluminum to 155K metric tons from 535K in Q4, driven by curtailments. Sees strong aluminum demand for airplanes. After an initial pop, shares -1.3% AH. 4 Comments [Commodities, Earnings]
Monday, April 8, 4:04 PM Alcoa (AA): FQ1 EPS of $0.11 beats by $0.02. Revenue of $5.8B (-1% Y/Y) misses by $0.17B. (PR) 2 Comments [Earnings, Breaking News]
Monday, April 8, 11:18 AM Alcoa (AA +0.5%) is losing its accuracy as a bellwether for the U.S. stock market: The S&P 500 usually had followed AA’s, but the relationship broke down starting in 2011, when the S&P posted gains of ~3% in quarters even when AA's results hurt its stock. In fact, AA is now the Dow's least influential member, with a price weighting of 0.4%, as its market cap has dropped 74% since 2002 to ~$9B. 3 Comments [Commodities]
Monday, April 8, 7:50 AM It's hard to believe but earnings season is with us already, with Alcoa (AA) set to kick off proceedings after the bell. Analysts estimate that Q1 EPS fell to $0.08 from $0.10 last year while revenue slipped 2% to $5.89B, hurt by the seventh quarter in a row of declining or flat raw aluminum prices. The trend comes despite Alcoa's efforts to cut output by closing smelters and production lines. Comment! [Earnings, Commodities]

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