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Alcoa says being dumped by DJIA no big deal

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa.  (Paul Efird/News Sentinel)

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa. (Paul Efird/News Sentinel)

After being booted from the Dow Jones Industrial Average earlier today, aluminum company Alcoa Inc. rushed to assure shareholders the decision was no big deal.
“The composition of the Dow Jones Industrial Average has no impact on Alcoa’s ability to successfully execute our strategy, and we remain focused on delivering shareholder value. We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive,” Alcoa said in a statement.
Alcoa, a long time component of the DJIA, has a major manufacturing operation in Blount County. The company recently announced a $275 million expansion of the Blount County plant aimed at producing aluminum for auto manufacturers.
Although the DJIA is generally considered an index of the top U.S. companies, only 30 companies are used to calculate the index. Alcoa remains on the S&P 500, which is a much broader gauge of the market.
Bank of America, and Hewlett-Packard also were removed from the DJIA.
Added to the DJIA were Goldman Sachs, Visa and Nike.
The changes take effect Sept. 23.
Click here for Alcoa’s full statement.