Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

Alcoa gets $1.5 bln supply contract from GE's aviation unit -WSJ

Published 2016-01-11, 01:27 a/m
© Reuters. Alcoa gets $1.5 bln supply contract from GE's aviation unit -WSJ
AA
-
GE
-

Jan 11 (Reuters) - Alcoa Inc (N:AA) AA.N has won a $1.5 billion
long-term contract from General Electric (N:GE)'s GE.N aviation unit
to supply vital components used in making aircraft engines, the
Wall Street Journal reported.
The deal, which will be announced along with Alcoa's
quarterly results on Monday, will allow the aluminum producer to
supply advanced nickel-based superalloy, titanium and aluminum
components for engines and parts made by GE, the paper said,
citing a GE news release it viewed. (http://on.wsj.com/1PYYjhA)
Alcoa will make the parts in six U.S. states, as well as in
France and Canada, the WSJ reported.
Aluminum production business appears no longer viable in the
United States despite U.S. car and plane makers buying more
aluminum than ever.
Last week, Alcoa announced plans to close its 269,000
tonne-per-year Warrick smelter, the largest operating smelter in
the United States currently, as "these assets are not
competitive" amid "challenging market conditions."
Closure of Warrick smelter will reduce annual U.S.
production of aluminum to around 720,000 tonnes, the lowest
since at least 1950, according to the U.S. Geological Survey.
Alcoa and GE could not be immediately reached for comment
outside regular business hours.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.