Alcoa Inc.’s speculative-grade credit ranking at Moody’s Investors Service makes it only the second junk-rated Dow Jones Industrial Average company in at least three decades. It took four years for the first to be ejected.
Alcoa Inc., the largest U.S. aluminum producer, sees global demand growth for the commodity recovering to 7 percent in 2013 as China’s economic rebound drives demand for cans, transport and office buildings.
Alcoa Inc ., the largest U.S. aluminum producer, said it supports the creation of an exchange- traded fund backed by the lightweight metal and would be interested in supplying aluminum for such a product.
Alcoa Inc., the largest U.S. aluminum producer, cut its forecast for global consumption of the metal by 1 percentage point on slowing Chinese demand, helping to trigger a decline in Asian stocks for a third day.
Alcoa Inc. Chief Executive Officer Klaus Kleinfeld said in January China’s aluminum industry would cut 1.1 million metric tons of unprofitable capacity “pretty soon.” So far that prediction isn’t close to coming true.