Alcoa, a global leader in the bauxite, alumina and aluminum products industry, posted earnings of $521 million, beating Wall Street’s average forecast of $450.8 million.
These first quarter 2021 results are part of the U.S. group’s recently filed report reflecting improved alumina and aluminum prices, strong operating performance and continued discipline in executing the Company’s long-term strategy.
Production in the automotive and aerospace industries is apparently what’s driving the metal’s growth, so much so that as Alcoa Chairman and CEO Roy Harvey noted, “We had an excellent first quarter with our best quarterly result since a record year in 2018.”
“Our teams have demonstrated relentless discipline to ensure we are prepared for whatever the markets may bring. We have demonstrated that we can operate in times of uncertainty and are well positioned for the future with excellent environmental, social and governance practices and a portfolio of low-carbon products that is the most comprehensive in the industry.”
On the other hand, rising demand for the metal has boosted aluminium prices on commodity exchanges by around 25% since the end of September 2020 and is now at its highest levels since 2018.
The U.S. company is the third largest aluminum producer in the world behind Rio Tinto-Alcan, and Rusal.
