Century Aluminum Co

Last year, President Trump slapped a 10% tariff on US aluminum imports. Alcoa didn’t support the tariffs in the first place.

Alcoa (AA) saw negative price action of 2.0% yesterday, and the stock is now down 8.0% for the month.

Alcoa (AA) is scheduled to release its earnings results for the first quarter of 2019 on April 17 after the markets close.

Last year, Alcoa (AA) posted adjusted EBITDA of $3.1 billion, which was higher than what it posted in 2017.

Alcoa (AA), the leading US-based aluminum producer, is having a somber year.

While US physical delivery premiums have risen, they haven’t been enough to offset the sharp fall in aluminum prices.

After rising YoY for 14 consecutive months, China’s aluminum exports fell 7.8% YoY in February. The exports also fell 38% sequentially.

US aluminum production rose 21.0% last year.

It’s been almost a year since Trump announced the Section 232 tariffs.

On paper, aluminum’s fundamentals look strong. Aluminum markets were expected to be in a deficit of 1.5 million metric tons last year.

Alcoa (AA) has seen an upward price action of 13.5% in 2019 based on its closing prices on February 22.

On February 21, Century Aluminum released its fourth-quarter earnings after the markets closed. The company posted an adjusted net loss.

While China’s steel exports have been in a downtrend after hitting a record high in 2015, the country’s aluminum exports have continued to rise.

Over the weekend, the Department of the Treasury withdrew sanctions against some Russian companies (RSX) (EEM) including RUSAL.

Alcoa (AA) released its fourth-quarter earnings on January 16 after the markets closed. The company reported revenues of $3.3 billion.

Chinese steel exports have fallen on a YoY basis for three years, and last year’s exports were roughly 38% lower than 2015 highs.

Alcoa has received a mean consensus target price of $49.93 from the analysts polled by Thomson Reuters.

Alcoa is expected to post revenues of $3.35 billion in the fourth quarter. The company posted revenues of $3.39 billion in the third quarter.

Alcoa (AA) is scheduled to release its fourth-quarter earnings on January 16 after the markets close.

As we noted previously in this series, Alcoa (AA) and other aluminum producers—including Century Aluminum (CENX)—are having a terrible year as aluminum prices have plunged.

hile Century Aluminum (CENX) responded positively to the move and announced a smelter restart a few days after the tariffs, Alcoa’s (AA) response was measured from the very beginning.

Yesterday, the United States lifted sanctions on RUSAL, the leading Russian aluminum producer.

Alcoa (AA), the leading US-based aluminum producer, fell 9.0% in November. Alcoa has fallen 41% in 2018.

The US-China trade war and the general slowdown in China’s aluminum demand have taken a toll on aluminum prices.

Global aluminum markets have seen significant volatility this year. Aluminum prices topped the $2,500 per metric ton level in April.

During the second-quarter earnings release, Alcoa lowered its 2018 adjusted EBITDA guidance to $3.0 billion–$3.2 billion.

In 2018, analysts expected disruptions in the copper supply. However, the copper supply has been resilient in 2018.

Norsk Hydro (NHYDY) has announced a production halt at its Alunorte alumina refinery in Brazil.

Alcoa’s (AA) 2018 earnings have been supported by higher alumina prices.

Alcoa (AA) carries a mean consensus price target of $58.3, which represents a 42.7% upside over its October 1 closing prices.

Alcoa (AA), the leading US-based aluminum producer, is having a terrible year.

Alcoa (AA) has seen upward price action in August. The stock has risen 4.3% in August, while it’s still down 16.2% YTD (year-to-date).

Aluminum producers like Alcoa (AA), Century Aluminum (CENX), and Norsk Hydro (NHYDY) see Chinese aluminum overcapacity as a major challenge.

Alcoa (AA) saw a selling spree after its second-quarter earnings were released. Lower metal prices (RIO) drove Alcoa’s 2018 guidance cut.

Alcoa released its second-quarter earnings on July 18 after the markets closed. The company lowered its 2018 EBITDA guidance by almost $500 million.

Alcoa reported revenues of $3.6 billion in the quarter as compared to $3.1 billion in Q1 2018 and $2.9 billion in Q2 2017.

Alcoa (AA) released its second-quarter earnings on July 18. The company reported revenues of $3.6 billion in the second quarter.

Century Aluminum (CENX) received “buy” ratings from two analysts polled by Thomson Reuters, and three analysts rated the stock as a “hold” or some equivalent.

In this series, we’ll see how the US aluminum markets have changed since the Trump administration’s implementation of its Section 232 tariffs.

President Trump has hardened his stance on trade issues, threatening tariffs on billions of dollars of Chinese goods.

Equity markets closed deep in the red yesterday. Looking at the broader-market ETFs, we see that the SPDR S&P 500 ETF (SPY) lost 1.36%, shrinking its year-to-date (or YTD) losses to 2.4%.

US physical aluminum premiums have been steady after rising sharply earlier in the year.

Alcoa (AA) and Century Aluminum (CENX) are trading with double-digit year-to-date losses despite the Section 232 tariffs President Trump imposed.

US steel and aluminum producers are enjoying higher margins on the back of Trump’s tariffs. Some have restarted or opened new plants.

President Trump imposed tariffs on US steel and aluminum imports in March.

Policy flip-flops As noted in the previous article, we’ve seen several policy changes this year, especially in the steel and aluminum space. Earlier this year, the United States imposed steep tariffs on steel and aluminum imports. We saw a sharp rally in US steel prices and physical aluminum premiums after the tariffs were imposed. US steel […]

Previously in this series, we looked at recent trends in aluminum prices. In this article, we’ll see how markets are valuing US aluminum producers after last week’s sell-off.

As we noted previously in this series, aluminum prices have seen downward pressure this year. Lower aluminum prices are negative for aluminum producers like Rio Tinto (RIO) and Norsk Hydro (NHYDY).