NEW YORK, NY--(Marketwire -07/11/12)- It has been a tough year for aluminum companies as high supply and low demand, due to the global economic slowdown, have seen prices for the commodity fall 20 percent since March. On Monday, benchmark three-month London Metal Exchange Aluminum was at $1,925 a ton, just above the low of $1,880 set in June 2010. The Paragon Report examines investing opportunities in the Aluminum Industry and provides equity research on Century Aluminum Co. (CENX) and Alumina Ltd. (AWC).
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Aluminum giant, Alcoa, earlier this week reported that it posted a second-quarter loss, compared to a profit in the year-ago quarter. Despite the loss the company's total revenues for the quarter, $5.96 billion, beat analysts' estimates of $5.83 billion. Alcoa remains optimistic going forward as they reaffirmed their forecast that global demand for aluminum will increase by 7 percent this year.
"Although aluminum prices are down, the fundamentals of the aluminum market remain sound," Klaus Kleinfeld, Alcoa chairman and CEO, said in a statement.
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Century Aluminum Company is engaged in producing aluminum. During the year ended December 31, 2011, the company's production capacity was 785,000 metric tons per year, and produced approximately 602,000 metric tons of primary aluminum. Shares of the company are down nearly 20 percent year-to-date.
Alumina' strategy is to invest world-wide in bauxite mining, alumina refining and selected aluminium smelting operations through their 40% ownership of Alcoa World Alumina & Chemicals (AWAC), the world's largest alumina business. Their partner, Alcoa, owns the remaining 60% of AWAC and is the manager. Shares of the company have fallen over 35 percent year-to-date.
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