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Alcoa CEO Roy Harvey has sounded the alarm bell on global aluminum demand. Aluminum is widely considered an indicator of global economic health. The FT‘s Ed Crooks reports:
Global demand for aluminium is likely to grow this year at its slowest pace since the global recession of 2009, according to Alcoa of the US, in the latest sign of a worldwide economic slowdown.
Roy Harvey, Alcoa’s chief executive, said in a presentation to analysts that the company expected worldwide demand to grow by 3-4 per cent this year, which would be the slowest rate since the world market shrank during the downturn that followed the great financial crisis.
Aluminium is often seen as an indicator of the health of the world economy, because of its use in a variety of sectors including construction, aerospace and automotive manufacturing.
Mr Harvey pledged to respond “with urgency to these dynamic conditions” in the coming year.
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