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Noranda largely bullish on aluminium
April 25, 2013 - 12:38 GMT
Noranda quarterly earnings
Noranda Aluminum Holding Corp remains largely optimistic about aluminium, with firm demand for value-added aluminium products and high premiums helping offset declining prices on the London Metal Exchange during the first quarter, executives said in conference call on Wednesday April 24.
Although the Franklin, Tennessee-based aluminium producer
saw earnings slide during the quarter, it was able to turn a
profit despite some estimates that as much as 49% of global
aluminium capacity is running at break-even or at a loss,
president and ceo Layle K 'Kip' Smith said. Smith attributed
the company's relative success in part to the fact that it
ships more than 98% of its products to destinations in the USA.
"Right now, being aligned with the US economy is a very good
place to be," he said. Noranda has seen solid sales of
extrusion billet and foundry alloys thanks to strong demand
from the building and construction sector and the
transportation industry, Smith...
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Euromoney Institutional Investor PLC.
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