SMM2, 15 March: Arconic announced an investment of about US $100 million to expand its hot rolling mill capacity and increase downstream equipment capacity to produce industrial and automotive aluminum products. The project, which is expected to create 70 new jobs, is already under way and is expected to be completed by the fourth quarter of 2020.
The industrial market includes products made of ordinary alloy aluminum sheets for commercial transportation, electrical appliances, machinery and construction. In the automotive market, demand for aluminum panels for North American cars is expected to double in the next decade, according to a report released by Ducker Worldwide in July 2017.
Arconic is a major composite product company that was spun off from Alcoa in 2016. it is headquartered in New York City, New York, USA and employs 41500 full-time people. Its composite products are widely used in aerospace, automotive, transportation, construction and construction markets. In the North American automotive market, Arconic invented the bonding process to promote the mass transfer of automotive materials from steel to aluminum. In the process of automobile lightweight transformation, the demand for automotive aluminum plate continues to grow, Arconic stands at the forefront of this change. According to Arconic, its revenue from car panels in North America will increase sixfold, from $229 million in 2013 to $1.3 billion in 2018. In the North American auto business, 96% of the company's revenue comes from sales of products that have the first or second largest market share.
