In recent quarters, aluminum demand has been on the upswing. Emerging markets have been a huge source of revenue as populations and economies in China, Brazil and Russia have become richer, leading to higher levels of building. Meanwhile, aluminum has been taking on a bigger role in electronic products as designers have started to use more environmentally friendly materials. Industry experts explain that the metal is easily recycled with no loss in quality.
In addition, the push by automotive and aerospace companies to create lighter and consequently more fuel efficient vehicles has also helped to bolster demand for lightweight aluminum. Alcoa spokesman Kevin Lowery said Aluminum's density is one-third that of steel.
Recent reports from Reuters acknowledge that Alcoa is expanding an aluminum plant in Iowa geared toward flat rolled products for use in cars -- to the tune of $300 million and 150 new "permanent" jobs. Reuters quotes Helmut Wieser, Alcoa's executive vice president, as saying, "The automotive market has long lead times and much of this expansion we are announcing today is for business already secured. However, we see huge opportunity beyond this."
Better demand helped companies like Century Aluminum increase second quarter shipments. Century shipped roughly 334 million pounds in the quarter compared to 319 million pounds in the prior year period.
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