Alcoa is “very bullish” on aluminum as the energy transition drives demand growth, including substitution away from copper, CEO William Oplinger said on Wednesday.
“As we look forward, demand growth will be driven by this energy transition,” he said, adding that as demand outstrips supply for copper, demand for aluminum will grow because it is a ready substitute in some applications, he told a conference in Sydney.
Megatrends are driving aluminum demand of 3%, 4%, and 5% every year, he said.
“Couple that with some supply changes in the industry, for instance the Chinese sticking to a mandatory cap they have put in place … that shapes up to a much stronger aluminum market globally,” he said.
(By Melanie Burton; Editing by Sandra Maler and Chris Reese)
