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Alcoa Profit Pops Amid Strengthening Global Aluminum Demand


Shares of Alcoa jumped in after-hours trading on Tuesday making it TheStreet's Move of the Day. The aluminum producer announced second quarter earnings popped 18 cents a share, which crushed analysts expectations of 12 cents a share, and reaffirmed that global aluminum demand would hit seven percent in 2014, amid a shrinking surplus. CEO Klaus Kleinfeld said in a statement: "We are taking the downstream business to new profitability heights, capturing midstream demand as auto lightweighting accelerates." He added: "Our strategy of building a lightweight multi-material innovation powerhouse and a highly competitive commodities business is driving compelling and sustainable shareholder value."