World demand for aluminium will double in the next decade, driven by growing use in aircraft, transportation and luxury cars, the head of major European products maker Amag said on Monday. "We forecast that demand for aluminium will double within the next 10 to 12 years, so a global growth rate of 7 percent.
This is a nice picture," Gerhard Falch, the Austrian aluminium group's chief executive, told Reuters. Demand for its products has put the company on target to match or beat 2010's record year for earnings. Earnings before interest, taxes, depreciation, and amortisation were 139.0 million euros ($197 million) last year. AMAG, capitalised at $865.35 million following an April listing in Vienna, makes semi-finished aluminium products out of speciality alloys used in BMW motors, aircraft, skis, construction, and Bentley and Rolls Royce cars. It also holds a part stake in an hydro-electric aluminium smelter in Canada.