Alcoa has become “a founding member of the country’s first manufacturing institute focused solely on light metals: the National Lightweight and Modern Metals Innovation Institute in Detroit, Michigan. The institute was formally unveiled by President Obama during an event in Washington today,” according to the company’s press release.
“‘Lightweight metals are a growing and critical segment of the national manufacturing base. We’ve seen this most recently through the increased use of aluminum in the automotive industry to produce energy efficient vehicles,’ said Alcoa Chairman and CEO Klaus Kleinfeld. ‘As one of the country’s most established leaders in lightweight metals, Alcoa is committed to sharing our expertise to ensure the competitiveness of U.S. industry.'”
“The goal of the institute is to expand the market for products using new, lightweight, high-performing metals and alloys by removing technological manufacturing barriers. Alcoa’s experts at the Alcoa Technical Center (ATC) — the world’s largest light metals R&D center, located outside Pittsburgh, Pennsylvania — will work closely with this new institute and focus on developing technologies impacting the future of key industries, including automotive, aerospace, defense, consumer products, and maritime sectors.”
In metal price news for aluminum…
The 3-month price of aluminum saw a 2.0 percent drop on the LME on Tuesday, February 25, landing at $1,741 per metric ton and making it the biggest mover of the day. The cash price of primary aluminum weakened by 2.0 percent on the LME, settling at $1,699 per metric ton. The Indian aluminum cash price declined 0.2 percent.
Chinese aluminum prices were mixed for the day. After falling 0.2 percent, the cash price of Chinese aluminum reached a 30-day low. The price of Chinese aluminum scrap continues to hover for the fifth day in a row. The price of Chinese aluminum billet held steady. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.