Aluminum rebound boosts Alcoa, easing fears of global slowdown
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Update time : 2022-10-24 18:06:33
Alcoa faces challenges this year. A possible ban by the London Metal Exchange (LME) or the US on Russia, the world's second-largest rare earth producer, also added to market uncertainty. Certainty, a series of issues dented the company's profitability.
Alcoa's shares recovered despite a surprise quarterly loss.
The company just warned investors last month that it was being squeezed by rising costs and falling aluminum prices.
Shares in Alcoa, however, rose by 9.5% on New York Stock Exchange last Thursday. A recovery in metals prices boosted shares of Alcoa and other aluminum and steel makers, eclipsing concerns about slowing demand for metals in the heavy industry around the world.
