This morning in metals news: the Aluminum Association outlined the issues it hopes the Biden administration will take on; in addition, Alcoa recently reported its Q4 2020 and full-year results; and, finally, the oil price retraced slightly this week.
Aluminum Association: aluminum can be part of ‘American comeback’ story
The Aluminum Association laid out its ambitions and goals for a better U.S. aluminum sector in a series of documents titled “Presidential Policy Brief: Recommendations for a Strong U.S. Aluminum Industry.”
The brief refers to energy, environment, infrastructure, recycling and trade as key areas for aluminum.
“The single biggest threat to U.S. aluminum remains unfairly subsidized overcapacity in China,” the brief states. “Strong, targeted trade enforcement is vital to the U.S. aluminum industry’s ability to compete on a market-based, level playing field. The Aluminum Association supports renewed cooperation with traditional trading partners and allies to address this perennial issue.”
Furthermore, the Aluminum Association cited the need to improve recycling levels from consumer applications.
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Alcoa releases Q4, full-year results
Despite what Alcoa President and CEO Roy Harvey called a “very challenging” year, Alcoa posted multiple production records in 2020, the firm reported this week.
In Q4, Alcoa set quarterly production record in its bauxite segment and its Western Australia alumina refining portfolio. It also set annual production records for bauxite and alumina.
Financially, the firm reported adjusted net income of $49 million after a loss of $57 million in Q4 2019. Furthermore, for the full year, Alcoa reported a net loss of $215 million after a 2019 loss of $184 million.
Meanwhile, Alcoa reported revenues fell to $9.3 billion in 2020 from $10.4 billion in 2019.
WTI price tracks back
After lingering in the $30s and $40s for most of 2020, the oil price has shown some upward momentum of late.
However, this week the WTI oil price tracked back, falling by $0.44 from the previous week down to $53.13 per barrel, the Energy Information Administration reported.
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