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Obama destroys another industry, When a 127-Year-Old U.S. Industry Collapses Under China's Weight.

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Alcoa Inc.’s latest aluminum-making cutback is signaling the end 
of the iconic American industry.

For 127 years, the New York-based company has been churning out 
the lightweight metal used in everything from beverage cans to 
airplanes, once making it a symbol of U.S. industrial might. 
Now, with prices languishing near six-year lows, it’s wiping out 
almost a third of domestic operating capacity, Harbor 
Intelligence estimates. If prices don’t recover, the researcher 
predicts almost all U.S. smelting plants will close by next year.

While that’s a big deal for the U.S. industry and the people it 
employs, it doesn’t mean much for global supplies. Alcoa’s 
decision to eliminate 503,000 metric tons of smelting capacity 
accounts for about 31 percent of the U.S. total for primary 
aluminum, but less than one percent of the global total, 
according to Harbor. For more than a decade, output has been 
moving to where it’s cheaper to produce: Russia, the Middle East 
and China. A global glut has driven prices down by 27 percent in 
the past year, rendering American operations unprofitable and 
accelerating the pace of the industry’s demise.

http://www.bloomberg.com/news/articles/2015-11-03/when-a-127-
year-old-u-s-industry-collapses-under-china-s-weight
 

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Obama destroys another industry, When a 127-Year-Old U.S. Industry Collapses Under China's Weight. "Kenyan Follies" <kenyan-illegal@cnn.com> - 2015-11-10 04:31 +0100

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