Arconic, a spin-off from Alcoa that focuses on aviation and auto clients, slashed its outlook due to a "steep increase" in aluminum prices, said chief financial officer Ken Giacobbe. Prices of the metal have risen further after US announcements of tariffs on imported aluminum and sanctions on Russian aluminum company Rusal. American Airlines Chief Executive Doug Parker rued that oil prices had risen "very quickly" and the company cut its forecast range for full-year profits. "For the year, we're still expecting our stronger price growth to more than offset the raw materials," said chief financial officer Nicholas Gangestad. Ford has estimated that materials costs will be $1.5 billion over last year's, which had already seen a jump.

Source: Bangkok Post May 06, 2018 02:48 UTC