Demand for aluminum in China is growing heavily and the country isn't likely to slow down production, Alcoa Inc.'s (AA) chief executive told Fox Business Network on Wednesday.
Klaus Kleinfeld said that despite having to import most of its bauxite and the high cost of energy to produce aluminum, China will continue ramping up production to meet demand. World aluminum demand growth, he said, is at 7%.
Increased production of Chinese aluminum isn't a threat to the global market because China isn't going to export the lightweight metal, Kleinfeld told Fox Business.
He also said the country is likely to restructure its heavy energy industry, which aluminum is part of.
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