This morning in metals news, our own Lisa Reisman appeared on NPR’s “Marketplace” yesterday, President Trump said Wednesday that terminating the North American Free Trade Agreement (NAFTA) would lead to the best renegotiated deal and Alcoa reported its 2017 4Q and full-year earnings.
Aluminum and China on NPR
Our very own Lisa Reisman, founder and executive editor of MetalMiner, made an appearance on NPR’s “Marketplace” yesterday morning to talk about the aluminum market.
To check out the segment, visit the Marketplace website (the segment starts at 2:28).
Trump Again Hints at Termination of NAFTA
As negotiating teams from the U.S., Canada and Mexico have met over several rounds of talks to revamp the 24-year-old trilateral trade deal, President Trump once again hinted at termination of the deal.
According to Reuters, Trump on Wednesday said the U.S. could get a better deal via termination.
“We’re renegotiating NAFTA now,” Trump told Reuters. “We’ll see what happens. I may terminate NAFTA.
“A lot of people are going to be unhappy if I terminate NAFTA. A lot of people don’t realize how good it would be to terminate NAFTA because the way you’re going to make the best deal is to terminate NAFTA. But people would like to see me not do that.”
Alcoa Reports 4Q, Full-Year 2017 Earnings
Alcoa released its earnings report for the final quarter of 2017, reporting a net loss of $196 million, or $1.06 per share.
For 2017 as a whole, Alcoa reported full-year 2017 net income of $217 million, or $1.16 per share and adjusted net income of $563 million, or $3.01 per share.
“Solid market fundamentals allowed us to deliver our strongest adjusted EBITDA quarter since our launch as an independent, publicly-traded company,” said Roy Harvey, president and CEO, in a release covering the earnings announcement. “With a series of operating and asset decisions, we also purposefully delivered against our strategic priorities. Our first full year has been truly remarkable.
“By continuously focusing on our strategic priorities, and supported by favorable markets, we’ve been able to accelerate our plan to strengthen Alcoa’s foundation for an even brighter tomorrow. As we enter 2018, we will continue to execute on our objectives and look forward to delivering more in the new year.”
Alcoa became an independent, publicly traded company Nov. 1, 2016.