(AMM) Alcoa pushes new alumina pricing

NEW YORK 14 July 2010 23:12

Alcoa Inc. is changing the way it prices alumina as its long-term contracts come up for renewal, according to chairman and chief executive officer Klaus Kleinfeld.

The Pittsburgh-based company's long-term supply contracts had priced alumina as a percentage of exchange-traded aluminum, but as its multiyear contracts cycle through for renewal the company is pushing customers toward higher, non-LME-linked prices.

"We have changed the pricing mechanism to basically more appropriately reflect market conditions as well as underlying costs, and this has yielded a higher price per percentage of LME," Kleinfeld said during the company's second-quarter conference call.

Alcoa said repeatedly in the past that the LME-linked alumina pricing mechanism did not accurately reflect...

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