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Alcoa CEO Says Demand for Aluminum to Double by 2020

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Alcoa (AA) CEO Klaus Kleinfeld says the company expects demand for aluminum to double over the next 10 years, driven by demand from Asia, Brazil and the Middle East, according to Bloomberg.

Speaking in Davos, Kleinfeld told Bloomberg, "We see places like China continuing to lead with growth of 21 percent last year, 13 percent this year,” Kleinfeld said, adding, “We actually see that places like Southeast Asia, Brazil, Middle East are increasing
the growth rate.”

According to a report from Tokyo-based HSBC Holdings Plc, forecasts are for aluminum demand to exceed output by 300,000 metric tons next year. This could create the world's first global shortage of aluminum since 2004.

Alcoa opened trading this morning at 16.39, up .18 cents, just shy of its 52-week high of 16.72. The 52-week low was recorded on July 1 last year at 9.81.
POSITION:  No positions in stocks mentioned.