The United States' leading producer of aluminum, Alcoa Inc. (AA) has reported on Monday a steep incline in earnings and revenue thanks to sky-high aluminum prices, more than doubling in profit and exceeding estimates.
The company's earnings ascended to 32 cents a share from 13 cents last year and a heightened revenue reaching 27 percent, up more than a billion from 2010. Its reported net income for the quarter was $364 million.
With prices averaging 24 percent higher on the London Metal Exchange, Alcoa CEO Klaus Kleinfeld says global demand will increase by 12 percent in 2011 and double by the end of the decade as Asian countries build more office blocks and buy more aircraft, cars and trains, as reported by Bloomberg.com.
The New York-based company does not foresee the non-recovering economy a problem for its lucrative future, as Alcoa's first quarter report of 2011 reported the strongest quarterly profit in the more than three years.