Alcoa Inc.(AA) has received two awards for aluminum excellence at the American Metal Market annual aluminum summit held in New York. The company received an Innovation Award for its next-generation of aluminum-lithium alloys for the aerospace industry. The award was received by the President of Alcoa Forgings and Extrusions, and the President of Alcoa Aerospace, Transportation and Industrial Products.
The demand for aluminum-lithium alloys has led Alcoa to build a facility near its plant in Lafayette, Indiana. The facility is expected to produce largest, aluminum-lithium ingots in the world, which are anticipated to contain least impurities. Alcoa expects the site to add 20,000 tons of capacity to its network. The aluminum-lithium alloys are being considered over titanium and legacy alloys that are used in the aerospace industry. These new alloys will help the customers to save fuel as well as facilitate in doing away with the production risks.
The company’s Vice President and Chief Sustainability Officer Kevin Anton was the recipient of the Charles Martin Hall Award as Aluminum Ambassador/Advocate of the Year for his efforts to promote sustainability for Alcoa and the U.S. Aluminum Association trade organization. The award was conferred on Kevin due to the sustainability efforts on aluminum, which has a unique property that can be recycled infinitely. The company uses a Sustainability Scorecard to align sustainability targets with business strategy and this forms the very basis of Alcoa.
Kevin Anton’s efforts for leading the first-ever Action to Accelerate Recycling Summit, held in early 2012 in Dallas, were also recognized. The purpose of the summit was to achieve significantly higher recycling rates.
Pennsylvania-based Alcoa Inc. is among the world’s leading producers of primary and fabricated aluminum and alumina. It competes with Aluminum Corporation Of China Limited (ACH) and RioTinto plc. (RIO).
Currently, the stock maintains a Zacks #3 Rank, which translates into a short-term (1 to 3 months) “Hold” rating. We have a long-term “Neutral” recommendation on Alcoa.
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