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Alcoa CEO: Rising Copper Prices To Drive Business To Aluminum -Fox Business

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Feb 11, 2011 (Dow Jones Commodities News via Comtex) -- Aluminum producer Alcoa Inc. (AA) is banking on rising copper prices driving demand in aluminum, Chief Executive Klaus Kleinfeld said on Fox Business Network on Friday.
&quot;We're seeing big time replacement going on,&quot; Kleinfeld said, citing the use of the lighter and cheaper aluminum--instead of copper--in overland powerlines in countries such as China.
He said it is &quot;very likely&quot; that China's lack of energy, which led to a drop in domestic aluminum production, could see its demand for the metal rise and cause prices to skyrocket. The impending launch of three aluminum exchange-traded funds will also lead to a rise in prices, he told the network.
Kleinfeld doesn't see &quot;that much inflation&quot; at the metals level, but said inflation on commodities and food prices is clear.
Alcoa continues to pay down debt of $8 billion and is in its target range of 33%, he said when asked whether the company is planning acquisitions or will work to pay down the debt. 
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