Due Diligence for Investors in Alcoa, Inc.
We have linked three reports below. The Investor’s Business Daily article details the split of Alcoa and summarizes the company’s current operations. We linked a video interview by CNBC’s Jim Cramer of Alcoa CEO Klaus Kleinfeld yesterday in which Cramer asks the questions investors want to know and Kleinfeld answers. The Nick Carey article also describes the split, but has more analysis of the overall aluminum market and Alcoa’s current market direction.
Splitting the company in two will result in one half that consists of mining and aluminum production. The other half will service the auto, aerospace, castings, titanium, and high strength aluminum and aircraft industries.
Our View: Alcoa needed to make a change. Alcoa shareholders have been disappointed for the past ten years. No matter what the company did, including buying companies in growth markets or shed operations that were obsolete. The share price stayed tied to the fortunes of the aluminum commodity. Aluminum as a commodity has suffered in recent years as China dominates world production capacity. This trend is expected to continue. There is a glut of aluminum. By splitting operations Alcoa should become more agile in the changing aluminum market and therefore more productive.
Investor’s Business Daily – James Detar – September 28, 2015
CNBC/Jim Cramer – Alcoa CEO Video Interview – September 28, 2015
Reuters – Nick Carey – September 28, 2015
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