Alcoa’s oil and gas division, based in Texas, was founded in the mid-2000s and initially focused on components for deep-water drilling. After 2011, the company started marketing aluminum drill pipe, mostly to an international market, the Pittsburgh Post-Gazette reported.
The oil and gas unit is part of a company-wide effort to move away from being a commodity-driven company to become more of an engineering and full-service organization.
It’s only recently that Alcoa’s oil and gas focus has turned domestic.
In North America, Alcoa has found some takers in the Marcellus and Utica shales, according to Tim Marvel, managing director of its oil and gas division.
On Wednesday, September 24, the 3-month price of aluminum experienced the biggest change, rising 0.8%on the LME to $1,973 per metric ton. On the LME, the primary aluminum cash price gained 0.8% to finish at $1,939 per metric ton. The cash price of primary Indian aluminum declined 0.3% to INR 119.85 ($1.96) per kilogram.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap saw little movement at CNY 12,250 ($1,996) per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,215) per metric ton. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around CNY 14,200 ($2,314) per metric ton. The cash price of Chinese aluminum held steady at CNY 13,960 ($2,275) per metric ton.