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Company News

Fitch Ratings Downgrades Alcoa’s Credit Grade to BB+

Bloomberg reported that Fitch Ratings has cut Alcoa Inc.'s (NYSE:AA) credit grade from BBB- to BB+, one level below investment grade. The firm "sees Alcoa’s total debt remaining more than 2.5 times its earnings before interest, taxes, depreciation and amortization."

Orbite Aluminae Provides Financing Update

Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF), a cleantech company currently commercializing its high-purity alumina process, released a general update on previously announced financing activities.

Novelis Reveals First Evercan Customer

Novelis Inc. announced that Red Hare Brewing Co. will be the first customer for its evercan, a beverage can made mostly of recycled aluminum.

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Market News

China to Impose Power Tariffs on Aluminum Smelters

China will impose tiered power rates on aluminum smelters, starting on January 1, as part of its efforts to address severe overcapacity in the industry, Shanghai Metals Market reported.

Reliance Steel 3Q Profit Jumps 74 Percent

MSNBC reported that Reliance Steel & Aluminum Co.'s (NYSE:RS) third-quarter profit surged 74 percent due to rise in steel volumes as well as prices.

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