Noranda largely bullish on aluminium

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...


This article was first published by AMM

April 25, 2013

12:38 GMT