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Tuesday, July 8, 2014

Alcoa pledges finished products push as results beat Wall Street, (NYSE: AA)

Alcoa Inc's chief executive officer said on Tuesday the aluminum company would push deeper into the market for more profitable finished products like truck wheels and aircraft fuselages as it reported quarterly results that beat analysts' expectations.At the same time, CEO Klaus Kleinfeld said Alcoa was focused on cutting costs and improving the performance of its traditional commodity business, which has been hit by weaker aluminum prices.Alcoa's shares rose as much as 2 percent in after-hours trading. The company's stock price is up nearly 40 percent this year."The transformation of Alcoa truly is in high gear and the results show this. Our strategy is working," Kleinfeld said on a conference call.

Alcoa Inc. (Alcoa) is engaged in lightweight metals, products and solutions. Shares of AA traded higher by 0.75% or $0.11/share to $14.85. In the past year, the shares have traded as low as $7.68 and as high as $15.18. On average, 16413200 shares of AA exchange hands on a given day and today's volume is recorded at 27265332.