Fortunemagazine named Alcoa the world’s most admired metals company in its annual survey of the World’s Most Admired Companies. In addition to being named the most admired metals company, Alcoa took top position in innovation, social responsibility and quality of products and services within the entire industry. This year,Fortunecombined the America’s most admired survey and world’s most admired survey to better represent the competitive landscape faced by companies. More than 4,000 corporate executives, directors and financial analysts were surveyed on nine key attributes from investment value to social responsibility.
Global consumption of aluminum is expected to decline 6-7% in 2009 and further production cuts are possible, according to Alcoa. The company has already curtailed production by approximately 18%, reduced jobs worldwide and cut capital expenditure. Alcoa is also interested in strategic ventures with Chinese companies, including Chinalco, who paid Alcoa over $1 billion last month for Alcoa’s stake in Rio Tinto.