CNBC News Releases

CNBC Exclusive: CNBC Excerpts: Alcoa Chairman & CEO Klaus Kleinfeld Speaks with CNBC’s “Closing Bell” Today


WHEN: Today, Thursday, October 8th

WHERE: CNBC's "Closing Bell"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Alcoa Chairman and CEO Klaus Kleinfeld on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today following the company's earnings report. The interview with Kleinfeld will continue and air on CNBC's "Mad Money w/ Jim Cramer" tonight at 6pm ET.

All references must be sourced to CNBC.


If you look at what's been going on in the economy, you see it's a lot of volatility that's in there. I mean, from commodity prices to currencies, to worries over China, emerging economies, interest rates. And if you look at that and then reflect to our quarter, I think you see quite a bit of resilience in there.


We have announced last week that we are separating the upstream company and the value add company. And we are able to do that because we have in the last year started a lot of work also to make the upstream part much, much more competitive. So that it can stand on its own…there are some bright spots also on the upstream side for instance the Alumina business having the best year to date since 2007.


We just announced this week two major contract wins. Each one over a billion. One from Lockheed, one from Airbus. One in titanium by the way. Titanium which we just added to our portfolio very recently. It's actually the first quarter where we have RTI in our numbers. So all in all, ,we've made the company more competitive, more resilient and in this light, I think we need to focus on those things that we have in our own control. And that's what we're doing. We can't control the factories unfortunately.


This is not about the short term. This is about a longer term strategy. We've been working on making both of those entities, the upstream as well as the value add stronger and giving it scale. More competitive and giving it scale so that they can stand on its own…so very different profiles. So this is not about short term optimization. This is really long term, well thought through and well put in place strategy that we've been working on for quite a while with all the things that we've been doing.


We see that demand for aluminum worldwide is going to grow 6.5%, right? We also see that we are going from a slight surplus into a deficit. That's at least what we are expecting for next year. We also see that there is really no export from Chinese primary metals into the West. The fake semis has relatively calmed down and come to, at this point in time, seems to have come to a slowdown.


In the value add businesses the markets that are more, more – for us are the developed markets like the U.S. and Europe. And there, I think we even feel like a breath of optimism going through the U.S. if you look at the consumer confidence numbers in the U.S. recently.

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