Tag Archives: Klaus Kleinfeld

Alcoa CEO: Spending cuts, revenue increase both needed

A long-term solution to the federal budget deficit must include spending cuts and increased
032610alcoa9_mc12884.JPG revenue,  Alcoa Inc. Chairman and CEO Klaus Kleinfeld told the CNBC Squawk Box crew this morning.

Kleinfeld called a downgrade in the US credit rating or a default  “a nuclear option” and urged Congress and the President must come to terms on a plan that “gets us over the hump.”

The current debate is sucking the air out of the economy, Kleinfeld said, but he’s optimistic  a deal will be reached on the debt ceiling before the Aug. 2 deadline.

I’m not so confident a deal beating the deadline, but Kleinfeld is right about one thing it will take spending cuts and increased revenue to solve the deficit problem. Not just one, but both.

Kleinfeld Squawk Box interview: Getting America Back on Track

Alcoa CEO touts China deal

Klaus Kleinfeld, chairman and CEO of aluminum giant Alcoa Inc., which has a major manufacturing operation in Blount County, was on CNBC today touting the company’s $7.5B deal with China Power Investment Corp.

Check out Klaus here.

The memorandum of understanding calls for joint efforts both inside and outside china, including development o “clean energy projects such as wind and solar and state-of-the-art aluminum smelting operations. Both parties will also work toward developing high-end aluminum industrial parks,” according to an Alcoa press release.

Will Alcoa have a better year than we think?

Early in 2009 aluminum maker Alcoa Inc. cut 13,500 jobs worldwide as it struggled to right-size operations as metals demand declined and the world economy floundered. Some 450 jobs were cut at its Blount County plant.

Tough times continued this year. In January, the company said 2010 was going to be another down year and it cut more jobs, including 90 in Blount County where it shut down a smelter.

Now it’s all smiles at the Pittsburgh headquarters, or so it seems. Will the Blount plant benefit?

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