NEW YORK -- Alcan Inc., the Canadian aluminum supplier and bauxite miner, on Wednesday said it expects the world aluminum market to reman "balanced" in the current year.
Alcan said world aluminum consumption is expected to grow by 6.7 percent, after rising 6.8 percent in 2006. At the same time, the company anticipates overall supply will rise 7.8 percent.
"As a consequence the company expect the market to remain close to balanced in 2007, with a small surplus," Alcan said in a statement.
"Primary aluminum and downstream market fundamentals remain broadly supportive, and we have good reason to be optimistic about the year ahead," President and Chief Executive Dick Evans said in a statement.
Alcan did not provide specific earnings guidance for 2007. Analysts are looking for profit of $5.37 per share. In 2006, Alcan earned $4.74 per share.
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