By Steve James
NEW YORK (Reuters) - A senior executive of Alcoa Inc. (AA.N: Quote, Profile, Research, Stock Buzz), the world's largest aluminum company, said on Tuesday he saw no meaningful sign of an economic slowdown.
"We are not seeing it, any downturns that are significant. I mean, there are some issues around housing right now," Chief Financial Officer Joe Muscari told the Reuters Global Mining and Steel Summit in New York.
His comments echoed those of U.S. Steel (X.N: Quote, Profile, Research, Stock Buzz) Chief Executive Officer John Surma, who told Reuters journalists on Monday he saw no evidence either to support U.S. Federal Reserve Chairman Ben Bernanke's suggestion that the economy might be showing a slower pace of growth.
During the Reuters Summit, Alcoa spokesman Kevin Lowery, who accompanied Muscari, said there was strong interest from potential buyers for the company's home exterior business, which Alcoa announced in April it would sell.
"I think it'll proceed on a good course," Muscari said.
The business makes vinyl siding and deck railings, among other products, has 1,400 employees and had 2005 sales of $600 million.
Muscari also said Alcoa was studying its soft alloy extrusions business. "We're still looking at improving performance, (but) haven't made a decision on that yet."
Muscari, a 37-year veteran of the Pittsburgh-based company, said Alcoa was "relatively advanced" in a rationalization process to possibly sell some of its downstream businesses, as Canadian rival Alcan AL.TO has done. Continued...
© Thomson Reuters 2008. All rights reserved.
| Global Environment | Oct 06 - 8, 2008 | Energy |
| Autos II | Sep 30 - Oct 01, 2008 | Hotels/Casinos |
| Restructuring | Sep 22 - 26, 2008 | Financial Services/Exchanges |
| Autos | Sep 15 - 17, 2008 | Autos |
| Russia Investment | Sep 08 - 9, 2008 | Country Summits |
