Bloomberg reported that according to the Tiberius Group, aluminum prices will most likely drop after investors begin to unwind financing deals overshadowing most of London Metal Exchange stockpiles.
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.
Bloomberg reported that Aluminum Corp. of China Ltd., (SHA:601600) announced that few of its units will most likely face difficult cash-flow situations as prices continue to inch down.
Zacks analyzed the top five companies in the aluminum imarket as measured by beta.
Bloomberg reported that LME monitored aluminum stockpiles will most likely gain in the fourth quarter after the financing deals are extended.
Business Week reported that Alcoa Inc. (NYSE:AA) and the Saudi Arabian mining company Ma’aden (SAU:1211) announced that their $10.8 billion aluminum joint venture signed financing agreements worth nearly a billion dollars.
Reuters reported that Rio Tinto (NYSE:RIO) plans to sell off roughly a third of its business in aluminum, most of which was acquired in the merger with Canada’s Alcan in July 2007.
Reuters reported that Alcoa’s (NYSE:AA) chief executive has blamed short-selling for a big fall in the price of Aluminum and with it the company’s share price.
Bloomberg reported that according to Novelis Inc., Aluminum demand may climb by 8 percent to 10 percent annually over the next three to five years.
Bloomberg reported that Alcoa Inc., (NYSE:AA) announced earnings for this quarter and posted profit that trailed analysts’ estimates, saying European customers “dramatically” cut orders on economic uncertainty.
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