1 Econ Question, due in 7 hours! Please read the question first - Economics
Take one plant in the excel spreadsheet and determine how that firm will change the quantity they supply to the market as the price changes (find the firm’s supply curve). A price-taking firm will supply all capacity with operating costs less than the price, so you need to consider which costs will change as the quantity produced increases or decreases. You maybe use graph and a short paragraph.
Sheet1
1993 Operating Costs
(contains no depreciation or other charge for capital)
($/ton except where noted)
Smelter Sorocaba A Zaporozhye Grand Baie Arvida 2 Sumgait Kitimat Arvida 1 Badin A Portland Shawinigan Falls Beauharnois Alcoa Tennessee A Alouette Tomago Dunkirk Saramenha A Wentachee A Belem Sayansk Irkutsk Becancour Isle Maligne Point Henry B Laterriere Novokuznetsk 1H Deschambault Tursunzade (Regar) Alba 3 Sunndalsora 2 Kinlochleven Ardal 2A Nadvoitsy Novokuznetsk 1V Kambara A Kandalaksha Bratsk Uralsky Ardal 1A Lochaber Asahan Baie Comeau 1 Sunndalsora 1 Alba Volgograd Hoyanger 1A Krasnoyarsk Alcoa Massena Kurri Kurri Boyne Island Karmoy 1 Karmoy 2 Baie Comeau 2 Hamburg Mosjoen 1 Paranam Bogoslovsk Ferndale Hoyanger 2A Porto Vesme Baie Comeau 3 Point Henry A Tiwai Point Puerto Madryn Mead Mosjoen 2 Sao Luis Lista Volkhov Fusina Holyhead Ardal 2B Venalum Valco Bell Bay Wentachee B Columbia Falls Warrick A Straumsvik St.Jean Husnes Hoyanger 1B New Madrid Badin B Edea Guizhou Ardal 1B Tacoma Reynolds Massena Norf Hoyanger 2B Alcasa Longview Frederick Hannibal Nag Hammadi Rockdale A Aratu 2 San Ciprian Goldendale Vlissingen Qinghai Rockdale B Sundsvall 1 Alcoa Tennessee B Vancouver Distomon Sorocaba B Sebree Hawesville Sundsvall 2 Stade Warrick B Ravenswood Aviles Auzat Richards Bay 2 The Dalles La Coruna Mount Holly Lynemouth Lannemezan Venthon Valesul Renukoot A Richards Bay 1 Zhengzhou Voerde Shandong Lian Cheng Lanzhou Jebel Ali Steg Orissa Delfzijl Podgorica (Titograd) Qingtonxia Toging A Baiyin Essen Baotou 2 Fushun 2 Pocos de Caldas Saramenha B Baotou 1 Fushun 1 Inota Konin Alwaye Ziar nad Hronom 1 Hirakud Talum Korba Toging B Slatina Arak Seydisehir Renukoot B
Country Brazil Ukraine Canada Canada Azerbaijan Canada Canada USA Australia Canada Canada USA Canada Australia France Brazil USA Brazil Russia Russia Canada Canada Australia Canada Russia Canada Tajikistan Bahrain Norway UK Norway Russia Russia Japan Russia Russia Russia Norway UK Indonesia Canada Norway Bahrain Russia Norway Russia USA Australia Australia Norway Norway Canada Germany Norway Surinam Russia USA Norway Italy Canada Australia New Zealand Argentina USA Norway Brazil Norway Russia Italy UK Norway Venezuela Ghana Australia USA USA USA Iceland France Norway Norway USA USA Cameroon China Norway USA USA Germany Norway Venezuela USA USA USA Egypt USA Brazil Spain USA Netherlands China USA Sweden USA USA Greece Brazil USA USA Sweden Germany USA USA Spain France South Africa USA Spain USA UK France France Brazil India South Africa China Germany China China China Dubai (UAE) Switzerland India Netherlands Yugoslavia China Germany China Germany China China Brazil Brazil China China Hungary Poland India Slovakia India Slovenia India Germany Romania Iran Turkey India
Company Other CIS Alcan Alcan CIS Alcan Alcan Alcoa Other Alcan Alcan Alcoa Other Pechiney Pechiney Alcan Alcoa State CIS CIS Reynolds/Alumax/Pechiney/State Alcan Alcoa Alcan CIS Alumax CIS State Hydro Alcan Hydro CIS CIS Alcan CIS CIS CIS Hydro Alcan State Reynolds Hydro State CIS Hydro CIS Alcoa Alcan Comalco Hydro Hydro Reynolds Reynolds/VAW/State Alcoa/Elkem Alcoa CIS Alumax Hydro State Reynolds Alcoa Comalco Other Kaiser Alcoa/Elkem Other Alcoa CIS State Kaiser Hydro State Kaiser Comalco Alcoa Other Alcoa Alusuisse Pechiney Hydro Hydro Noranda Alcoa Pechiney State Hydro Kaiser Reynolds VAW Hydro CVG Reynolds Other Other State Alcoa Alcan State Other Pechiney State Alcoa Other Alcoa Other Pechiney/State Other Alcan Other Other VAW Alcoa Other Inespal Pechiney Alusaf Other State Alumax Alcan Pechiney Pechiney Billiton State Alusaf State Hogal State State State State Alusuisse State Aldel State State VAW State Other State State Alcoa Alcan State State State State State State State State State VAW State State State State
Capacity (1000s of tpy) 122 100 180 147 60 272 85 57.5 320 84 48 110 215 355 215 10 77 345 323 260 360 73 106 204 85 212 520 230 71 11 86.7 60 165 20 65 850 70 33.3 38 225 159 67 221 168 16 750 125 150 244 107 113 120 120 45 30 160 272 33 130 120 74 259 174 200 75 357 80 20 36 127 43.3 400 200 120 143 168 255 100 120 80 7 215 57.5 84 160 16.7 74 123 210 13 210 204 174 245 180 160 30 190 168 175 150 160 76.5 95 115 148 88 180 186 23.5 70 45 168 80 44 85 82 78 182 130 43 30 93 135 85 30 78 35 65 90 245 48 218 98 110 85 74 75 135 52 40 90 41 28 70 33.65 48 20 69 24 75 100 13 265 120 60 30
Electricity usage (kWh/t) 15769 17454 14215 15590 18271 17397 17400 14154 14718 17399 17349 14821 14462 14256 14000 16718 15866 15138 15897 18974 13846 17399 15462 14215 18168 14462 17846 13949 13518 16291 15004 18154 18168 14728 16821 17744 16410 16718 14287 15353 14872 16821 16000 18564 17436 17641 14903 16554 14338 16769 13590 14133 14912 17045 16484 17692 13846 14256 15680 13949 15464 15692 15581 16790 14138 14154 18174 19692 15404 15949 15004 15847 16373 16215 15865 17788 15795 15641 13640 15641 17436 14077 14154 15107 14779 16718 17687 17590 16185 14256 16864 16415 14667 16826 15441 15949 15292 14400 15692 14110 14851 15949 16821 14821 16433 13778 15770 14982 16139 13846 16612 15795 15997 14892 13692 15231 16742 14644 13897 15644 14221 14078 16092 15552 15667 15046 15487 15200 15272 16517 15651 14872 14294 15941 16156 15364 14831 16810 15179 14810 14933 16177 16718 15528 15385 17110 16615 16267 16307 16826 14610 17875 14673 15385 17718 17744 15552
Electricity price ($/kWh) 0.005 0.008 0.005 0.005 0.006 0.003 0.005 0.008 0.010 0.005 0.005 0.008 0.013 0.014 0.013 0.007 0.008 0.011 0.007 0.006 0.013 0.005 0.010 0.005 0.008 0.012 0.002 0.013 0.011 0.010 0.011 0.008 0.008 0.013 0.010 0.006 0.014 0.011 0.010 0.015 0.011 0.011 0.013 0.009 0.012 0.008 0.017 0.014 0.022 0.013 0.013 0.011 0.018 0.012 0.004 0.014 0.020 0.012 0.017 0.013 0.018 0.018 0.017 0.020 0.012 0.022 0.014 0.012 0.019 0.022 0.021 0.012 0.018 0.018 0.020 0.020 0.021 0.014 0.027 0.013 0.019 0.026 0.026 0.017 0.024 0.021 0.020 0.019 0.024 0.019 0.012 0.020 0.027 0.024 0.018 0.026 0.025 0.032 0.023 0.031 0.018 0.027 0.022 0.028 0.023 0.024 0.031 0.030 0.030 0.022 0.028 0.027 0.026 0.032 0.025 0.025 0.023 0.032 0.035 0.030 0.025 0.027 0.030 0.019 0.024 0.030 0.030 0.029 0.020 0.025 0.020 0.033 0.032 0.026 0.020 0.025 0.026 0.022 0.032 0.027 0.031 0.035 0.035 0.027 0.031 0.035 0.032 0.029 0.033 0.031 0.041 0.035 0.053 0.061 0.049 0.056 0.085
Total electricity cost: 85.61 136.45 67.48 74.01 113.08 60.18 82.60 119.87 149.37 82.59 82.36 125.52 186.23 195.86 177.25 108.91 134.37 172.59 117.38 113.31 178.45 82.59 156.46 67.48 144.00 172.72 29.07 178.71 151.12 167.33 165.44 145.86 144.00 194.14 160.72 105.96 229.85 184.34 146.74 225.27 167.77 188.04 204.99 175.36 205.60 139.83 256.14 228.42 318.78 225.99 183.14 159.44 274.75 206.22 71.59 247.81 281.13 168.11 267.16 179.62 278.01 289.19 267.29 340.90 171.05 307.29 261.63 226.64 292.22 358.82 310.20 184.53 293.69 285.41 322.12 361.16 329.27 213.98 368.94 206.00 331.10 366.83 361.15 260.82 355.38 345.63 359.12 326.58 383.41 270.72 196.37 333.30 402.90 406.48 270.25 422.53 375.25 455.51 366.32 436.54 272.74 438.11 375.60 416.78 383.61 329.13 484.58 448.96 483.66 309.18 459.13 432.17 414.08 471.09 341.46 384.47 390.82 463.23 487.39 474.38 354.64 383.49 487.49 291.21 370.45 454.85 458.61 434.61 308.94 405.69 312.69 490.97 452.38 418.74 318.90 382.99 390.37 376.48 479.46 394.18 458.97 558.57 577.23 413.29 472.83 603.76 530.39 478.90 531.18 522.93 602.81 624.24 772.43 932.26 864.79 987.39 1317.09
Alumina usage (t/t Al) 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.92 1.94 1.94 1.94 1.92 1.94 1.92 1.94 1.94 1.94 1.95 1.95 1.94 1.94 1.94 1.94 1.95 1.92 1.94 1.92 1.94 1.94 1.94 1.95 1.95 1.94 1.95 1.95 1.95 1.94 1.94 1.94 1.94 1.94 1.93 1.95 1.94 1.95 1.94 1.94 1.92 1.94 1.94 1.94 1.89 1.94 1.94 1.95 1.94 1.94 1.94 1.94 1.94 1.94 1.92 1.94 1.94 1.94 1.94 1.95 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.92 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.91 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.95 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.95 1.94 1.94 1.94 1.94 2.10 1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.96 1.94 1.95
Alumina price ($/t Alumina) 111.83 146.58 179.39 171.79 150.92 186.23 171.79 182.65 167.65 179.39 179.39 182.65 176.61 162.24 188.08 169.38 182.65 174.95 206.30 206.30 191.18 179.39 176.13 179.39 201.95 204.80 260.59 191.70 178.79 182.65 178.79 190.01 201.95 167.83 190.01 233.44 147.67 178.79 182.65 175.94 184.82 178.79 191.70 198.70 178.79 233.44 182.65 177.22 147.95 178.79 178.79 184.82 177.81 191.91 181.56 182.41 175.50 178.79 171.55 184.82 177.22 159.35 184.68 182.65 191.91 171.58 211.67 193.27 176.98 171.29 174.14 207.07 182.65 174.85 182.65 170.71 182.65 188.08 188.08 197.61 178.79 170.61 182.65 211.52 168.30 178.79 182.65 182.65 177.81 178.79 210.06 182.65 175.50 168.17 195.58 182.65 188.93 161.78 170.71 188.08 248.64 182.65 193.60 182.65 193.66 218.24 111.83 182.65 159.29 193.60 177.81 182.65 169.63 161.78 188.08 194.15 171.80 161.78 177.02 182.65 188.08 188.08 184.58 190.01 194.15 162.87 199.41 184.58 252.99 212.81 282.30 188.08 176.98 193.00 223.13 250.81 177.81 256.24 188.08 252.99 243.21 167.25 169.38 252.99 243.21 188.93 206.30 201.95 233.44 214.98 225.84 237.79 177.81 206.30 222.58 223.67 190.01
Total alumina cost: 216.51 283.78 347.30 332.59 292.19 360.54 332.59 353.61 321.89 347.30 347.30 353.61 339.09 314.09 360.17 327.92 353.61 338.71 402.28 402.28 370.12 347.30 341.00 347.30 393.81 393.22 504.50 368.07 346.14 353.61 346.14 370.52 393.81 324.92 370.52 455.21 287.95 346.14 353.61 340.61 357.81 346.14 369.99 387.46 346.14 455.21 353.61 343.10 284.07 346.14 346.14 357.81 335.71 371.54 351.51 355.70 339.77 346.14 332.13 357.81 343.10 308.51 354.58 353.61 371.54 332.17 409.79 376.87 342.64 331.62 337.13 400.88 353.61 338.51 353.61 330.50 353.61 364.12 364.12 382.58 346.14 330.30 353.61 409.50 325.82 346.14 353.61 353.61 341.58 346.14 406.67 353.61 339.77 325.58 378.65 353.61 365.76 313.21 330.50 364.12 481.37 353.61 374.81 353.61 374.92 422.51 216.51 353.61 308.38 374.81 339.79 353.61 328.40 313.21 364.12 375.86 332.61 313.21 342.72 353.61 364.12 364.12 357.35 370.52 375.86 315.31 386.06 357.35 489.78 412.00 546.54 364.12 342.64 373.64 431.97 485.58 344.23 496.09 364.12 489.78 470.86 325.30 327.92 489.78 470.86 365.76 433.22 390.98 451.94 416.21 437.23 460.35 344.23 399.39 436.26 433.02 370.52
Other raw materials 156.19 58.28 95.66 99.76 64.01 147.15 146.58 100.27 114.25 146.58 146.58 109.13 85.21 104.10 88.93 140.58 113.47 99.33 49.37 70.77 83.55 161.69 119.31 98.47 62.18 88.44 59.15 103.37 113.54 136.09 106.96 63.64 62.18 146.11 65.01 57.34 68.69 131.69 101.33 109.05 160.45 140.40 113.74 58.61 133.75 58.98 106.06 102.40 101.16 134.61 94.86 88.83 93.04 143.77 179.96 68.76 94.74 100.06 141.45 88.83 119.31 138.91 133.80 109.37 104.61 127.68 115.31 88.43 140.45 102.31 106.96 163.93 135.86 146.00 113.47 124.87 113.47 110.70 92.84 100.40 133.75 107.49 97.86 129.29 109.17 131.52 137.45 145.81 101.94 100.06 184.34 156.51 98.22 97.84 205.54 109.31 120.18 97.22 169.63 95.75 104.45 109.31 145.27 109.13 114.18 119.72 156.19 96.24 113.14 103.88 100.30 113.47 130.71 134.42 108.13 148.84 173.00 136.33 88.27 92.52 101.67 195.48 96.95 254.20 181.19 107.96 108.47 116.54 112.33 119.03 109.69 115.98 186.75 108.28 210.60 116.91 122.76 112.50 90.69 123.77 96.15 166.58 140.58 125.49 105.34 204.26 208.81 313.43 227.09 324.05 281.16 340.20 122.76 129.36 171.35 177.25 254.20
Plant power and fuel 6.51 4.04 10.00 10.97 0.72 3.09 3.09 11.09 12.28 3.09 3.09 11.09 8.12 13.85 11.64 2.08 10.76 9.90 5.25 4.50 8.12 3.09 12.83 2.13 3.80 7.54 4.49 2.75 36.80 3.65 36.80 5.99 3.80 6.64 4.50 4.99 4.50 10.38 3.65 20.52 3.09 10.38 2.75 4.99 10.38 4.50 10.76 16.06 10.23 10.38 10.38 3.09 33.71 10.38 4.07 4.99 11.09 10.38 5.96 3.09 12.83 20.62 14.14 10.08 10.38 13.81 10.38 6.63 8.53 10.96 36.80 7.04 13.07 13.04 10.76 3.03 10.76 2.39 11.64 10.38 10.38 11.09 11.09 10.71 13.81 10.38 3.59 3.03 27.72 10.38 12.68 3.03 12.55 11.09 4.40 11.09 3.91 12.45 3.37 16.17 12.99 11.09 5.30 11.09 11.61 18.68 6.51 11.09 9.80 5.30 24.14 10.76 10.76 3.51 3.33 12.86 3.03 3.51 11.94 11.10 4.07 2.12 9.67 27.15 10.42 13.81 16.55 4.47 4.87 4.67 8.44 18.64 20.72 3.40 34.23 4.87 5.74 16.24 6.21 14.21 15.43 3.91 2.08 4.47 4.47 26.95 11.47 7.33 8.00 7.33 27.58 1.95 24.00 20.20 10.36 6.21 27.15
Consumables 79.28 67.31 42.16 62.09 88.51 36.22 63.84 48.15 37.32 61.48 64.39 51.32 34.40 27.02 36.50 81.76 52.66 42.04 61.36 50.39 35.78 85.42 48.69 170.22 59.77 38.29 73.37 50.92 62.97 46.75 59.85 91.75 76.31 61.75 84.80 63.23 100.02 61.02 132.68 42.98 50.45 62.66 50.98 88.44 57.24 67.55 35.20 73.49 49.25 61.48 145.76 166.30 46.91 52.54 157.41 72.10 54.63 170.26 56.15 173.53 49.79 44.55 39.87 2.02 168.27 50.57 47.58 108.99 58.58 42.76 61.03 102.39 41.61 66.47 54.58 37.36 56.09 160.38 39.33 175.41 58.67 62.60 55.88 60.81 43.97 62.48 36.02 61.76 45.62 171.96 110.74 53.68 50.68 65.14 57.12 28.68 56.86 49.38 61.46 52.35 30.62 28.84 51.01 54.08 61.83 45.19 83.37 42.25 45.90 178.39 50.07 57.13 84.38 45.08 166.37 43.25 75.05 57.83 50.94 54.21 171.08 57.95 38.95 58.51 50.35 69.31 39.63 59.20 57.31 41.08 45.19 55.15 53.53 174.92 69.70 50.07 229.17 46.95 160.11 54.51 48.59 75.43 86.69 71.00 51.36 25.06 45.89 63.41 50.20 91.82 68.60 58.56 232.26 57.39 77.46 72.51 68.79
Maintenance 30.13 32.57 52.93 52.93 32.57 52.93 52.93 87.78 79.65 52.93 52.93 69.81 69.22 37.46 51.30 30.13 93.14 48.86 44.79 44.79 52.93 52.93 86.70 52.93 34.20 52.93 40.72 37.46 40.72 40.72 40.72 48.86 34.20 40.72 36.64 48.86 36.64 40.72 51.30 37.46 52.93 40.72 38.55 36.64 40.72 44.79 72.41 52.93 37.46 40.72 40.72 52.93 51.30 40.72 72.79 36.64 67.41 40.72 66.37 52.93 86.70 37.46 37.46 60.26 51.30 79.35 40.72 40.72 67.41 51.30 40.72 37.46 37.46 37.46 93.14 64.33 69.81 51.30 51.30 40.72 40.72 58.63 66.78 37.46 74.10 40.72 69.75 59.45 51.30 40.72 40.72 63.52 62.70 65.96 30.13 97.94 30.13 81.83 62.70 51.30 66.78 97.94 40.72 69.81 66.37 51.30 30.13 58.63 36.32 51.30 51.30 69.81 62.70 68.87 51.30 37.46 66.78 71.24 62.70 51.30 51.30 51.30 37.46 37.46 30.13 52.12 51.30 52.93 51.30 46.42 38.93 51.30 37.46 48.86 26.22 52.93 51.30 55.37 57.00 48.86 46.42 69.26 30.13 48.86 46.42 44.79 61.07 30.13 52.93 30.13 32.57 30.13 51.30 32.57 37.46 30.13 37.46
Labor 150.40 17.27 149.85 153.95 10.91 223.64 353.10 191.98 59.64 287.79 245.28 159.76 108.44 93.53 88.23 158.65 191.86 133.51 13.97 16.38 136.65 274.31 94.17 129.90 36.36 82.00 10.26 55.07 208.55 327.62 161.67 21.93 21.23 429.79 13.56 15.27 16.52 280.17 251.53 35.36 261.10 286.23 107.42 18.21 284.32 18.00 162.19 141.14 95.66 206.32 111.70 124.17 218.51 242.82 1083.65 17.73 183.29 189.21 166.18 125.55 94.03 112.86 152.03 286.24 174.23 100.51 234.70 19.44 265.20 155.15 160.83 47.91 100.76 228.76 192.41 142.76 180.26 150.19 162.40 185.64 280.34 177.08 180.52 104.84 18.01 280.67 260.01 254.95 135.74 188.69 67.77 202.79 219.50 171.67 47.04 191.19 215.42 127.96 159.94 202.09 33.68 191.19 205.78 160.13 187.68 191.77 133.94 199.03 150.09 133.62 315.14 186.72 237.72 176.96 190.77 84.29 163.44 142.54 172.05 168.14 272.83 279.79 153.98 22.99 84.29 19.11 234.28 28.36 55.87 34.95 27.27 283.85 10.54 168.53 114.22 15.48 172.39 25.94 177.77 48.02 22.40 150.52 159.33 94.34 27.72 77.90 104.89 18.36 52.59 18.15 120.90 20.70 188.71 29.20 52.20 76.15 23.03
Freight 43.43 48.86 39.09 39.09 65.15 39.09 39.09 40.17 43.43 39.09 39.09 40.17 39.09 43.43 29.32 43.43 40.17 43.43 70.58 70.58 39.09 39.09 43.43 39.09 70.58 39.09 70.58 38.00 32.57 38.00 32.57 70.58 70.58 19.54 70.58 70.58 70.58 32.57 38.00 38.00 39.09 32.57 38.00 70.58 32.57 70.58 40.17 43.43 43.43 32.57 32.57 39.09 31.49 32.57 54.29 70.58 40.17 32.57 38.00 39.09 43.43 48.86 43.43 40.17 32.57 43.43 32.57 70.58 38.00 38.00 32.57 27.14 48.86 43.43 40.17 40.17 40.17 54.29 29.32 32.57 32.57 40.17 40.17 48.86 76.00 32.57 40.17 40.17 31.49 32.57 27.14 40.17 40.17 40.17 43.43 40.17 43.43 43.43 40.17 13.03 76.00 40.17 32.57 40.17 40.17 54.29 43.43 40.17 40.17 32.57 31.49 40.17 40.17 43.43 29.32 48.86 40.17 43.43 40.17 38.00 29.32 29.32 43.43 32.57 48.86 76.00 31.49 76.00 76.00 76.00 38.00 16.29 32.57 13.03 43.43 76.00 31.49 76.00 31.49 76.00 76.00 43.43 43.43 76.00 76.00 45.60 43.43 32.57 43.43 32.57 43.43 32.57 31.49 59.72 81.43 70.58 32.57
General and administrative 57.66 72.16 66.27 65.98 67.80 66.00 65.61 88.83 75.22 67.16 84.06 62.76 101.13 93.38 88.44 59.18 60.88 48.58 69.07 64.91 65.91 68.11 83.21 65.69 65.25 67.71 65.50 63.77 92.74 89.05 91.50 62.17 63.86 134.87 65.64 74.15 62.23 94.88 88.81 47.61 75.60 92.73 67.17 64.49 92.69 75.68 71.71 51.62 92.22 99.09 76.99 65.09 83.20 93.20 175.96 70.92 54.11 92.69 61.03 65.09 82.46 88.82 86.38 87.43 93.12 46.36 95.00 62.93 83.11 127.77 94.09 41.97 56.13 93.28 60.39 60.08 59.08 95.56 100.03 93.62 92.78 94.26 72.02 114.51 45.45 74.43 102.90 73.72 94.22 93.02 42.04 75.73 54.48 94.58 49.67 57.99 58.85 107.80 59.45 107.99 44.20 57.99 88.51 62.18 59.43 79.58 57.70 75.62 56.50 97.79 105.27 61.05 68.52 90.76 101.74 70.94 60.09 108.22 54.70 88.72 101.88 101.67 36.82 49.66 70.94 36.83 96.50 34.02 28.10 38.38 21.31 129.72 49.88 81.06 113.93 36.31 128.54 32.35 103.70 27.37 28.58 639.59 59.70 29.55 29.53 72.90 67.20 50.68 43.74 50.50 98.30 49.05 94.37 60.79 61.24 13.51 49.66
Cumulative Capacity 122 222 402 549 609 881 966 1023.5 1343.5 1427.5 1475.5 1585.5 1800.5 2155.5 2370.5 2380.5 2457.5 2802.5 3125.5 3385.5 3745.5 3818.5 3924.5 4128.5 4213.5 4425.5 4945.5 5175.5 5246.5 5257.5 5344.2 5404.2 5569.2 5589.2 5654.2 6504.2 6574.2 6607.5 6645.5 6870.5 7029.5 7096.5 7317.5 7485.5 7501.5 8251.5 8376.5 8526.5 8770.5 8877.5 8990.5 9110.5 9230.5 9275.5 9305.5 9465.5 9737.5 9770.5 9900.5 10020.5 10094.5 10353.5 10527.5 10727.5 10802.5 11159.5 11239.5 11259.5 11295.5 11422.5 11465.8 11865.8 12065.8 12185.8 12328.8 12496.8 12751.8 12851.8 12971.8 13051.8 13058.8 13273.8 13331.3 13415.3 13575.3 13592 13666 13789 13999 14012 14222 14426 14600 14845 15025 15185 15215 15405 15573 15748 15898 16058 16134.5 16229.5 16344.5 16492.5 16580.5 16760.5 16946.5 16970 17040 17085 17253 17333 17377 17462 17544 17622 17804 17934 17977 18007 18100 18235 18320 18350 18428 18463 18528 18618 18863 18911 19129 19227 19337 19422 19496 19571 19706 19758 19798 19888 19929 19957 20027 20060.65 20108.65 20128.65 20197.65 20221.65 20296.65 20396.65 20409.65 20674.65 20794.65 20854.65 20884.65
Relevant Cost 587.54 598.72 601.69 618.49 623.64 646.28 667.79 673.16 678.54 680.14 682.81 690.84 692.13 698.36 703.81 704.69 705.04 706.00 706.22 711.82 715.11 719.19 721.70 724.68 734.14 739.30 741.14 741.84 743.15 745.43 747.77 748.34 750.68 753.11 756.12 757.31 761.57 766.14 776.02 776.44 778.66 780.19 780.46 785.44 785.68 796.64 801.94 806.90 806.92 811.17 812.85 814.56 815.61 817.01 818.83 819.93 821.54 827.52 840.85 841.98 846.46 850.65 853.10 856.15 858.42 874.95 877.26 878.14 880.41 884.47 884.70 885.92 886.70 892.87 894.71 897.10 903.38 905.86 906.19 907.34 912.61 918.48 919.76 919.99 924.16 928.73 929.96 930.97 931.76 931.84 937.93 940.31 944.30 946.31 959.39 965.39 965.39 971.20 971.45 977.96 978.19 981.13 984.56 984.86 986.32 989.52 990.61 992.32 1001.06 1004.13 1004.92 1007.32 1008.50 1010.74 1012.73 1014.15 1014.68 1017.54 1021.44 1023.82 1024.89 1032.47 1033.84 1034.17 1037.14 1037.24 1040.80 1048.18 1049.24 1058.49 1060.53 1061.15 1088.59 1092.02 1108.83 1116.42 1123.77 1124.26 1132.08 1152.46 1166.00 1173.22 1177.93 1180.03 1180.87 1271.40 1273.21 1286.63 1311.85 1394.91 1460.81 1517.88 1527.18 1598.33 1641.66 1746.96 2070.32
Sheet1
Sheet2
Sheet3
9 - 7 0 4 - 4 5 8
R E V : O C T O B E R 1 6 , 2 0 1 4
Professor Kenneth S. Corts prepared the original versions of this case, “Aluminum Smelting in South Africa: Alusaf’s Hillside Project,” HBS No.
799-130 and “The Aluminum Industry in 1994,” HBS No. 799-129. This version was prepated by Professor John R. Wells. This case was
developed from published sources. Funding for the development of this case was provided by Harvard Business School and not by the company.
HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or
illustrations of effective or ineffective management.
Copyright © 2003, 2014 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-
7685, write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication may not be digitized,
photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.
K E N N E T H S . C O R T S
J O H N R . W E L L S
Alusaf Hillside Project
At the beginning of 1994, Alusaf was considering building the world’s largest greenfield primary
aluminum smelter, a 466,000-ton-per-year facility at Richard’s Bay, a deepwater port on the east coast
of South Africa’s province of Kwa-Zulu Natal. Alusaf was the sole primary aluminum producer in
South Africa, operating 170,000 tpy of capacity at the existing “Bayside” facility at Richard’s Bay.
Alusaf’s 1993 revenues were $220.2 million, up 1% from 1992. Income was $8.6 million, up 122%
from 1992.
A feasibility study for the proposed “Hillside” smelter had been completed over the past two
years. During this time, South Africa’s political regime had undergone a dramatic transformation
with the 1993 passing of the Transitional Executive Council (TEC) Bill. This bill removed absolute
power from the hands of whites and created a multi-racial body that would share responsibility for
organizing and overseeing the general elections to be held in April 1994. Within days, Nelson
Mandela, leader of the African National Congress party, addressed the UN Special Committee
Against Apartheid in New York, calling on the international community to lift sanctions against
South Africa. The European Union, the Organization of African Unity, Canada, China, Sweden,
Singapore, India, and the United States all responded quickly with announcements that they would
begin the process of restoring normal economic relations with South Africa.
Aluminum prices had fallen dramatically since the feasibility study was begun, as Russian
aluminum continued to flood the market. Now, with aluminum prices near their all-time low in real
terms in early 1994, Alusaf had to decide whether to embark on this massive project.
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704-458 Alusaf Hillside Project
2
The Aluminum Industry in 19941
Aluminum was a versatile metal, valuable in a wide range of applications for its strength and light
weight. In most applications, substituting aluminum for steel reduced weight by 50% with no
significant loss of strength. Since becoming widely available in the late 1800s, aluminum had become
widely used in packaging, building materials, and automobiles, among other products. (See Exhibit
1.)
In 1994 worldwide primary aluminum production approached 20 million metric tons. (All
references to “tons” in this case are to metric tons, each equal to 2,200 pounds.) Growth had been
relatively steady, though punctuated by significant wartime production increases, until the 1974 oil
crisis and the recession of the early 1980s each took significant tolls on industry output (see Exhibit
2). The industry had recovered and prices had reached all time high in the late 1980s, but the collapse
of the Soviet military machine in the early 1990s sent prices plummeting again as Russia and the
other former Soviet states flooded world markets. In early 1994, aluminum prices stood at an all-time
low in real terms.
In late 1993 and early 1994, representatives of the major aluminum producing countries convened
in Brussels to discuss the “crisis” in the aluminum market caused by the surge in supply from the
CIS.2 This ultimately led to the signing in January 1994 of the non-binding “Memorandum of
Understanding” (MOU), in which the parties recognized the existence of 1.5 million-2.0 million tpy of
excess production. The CIS agreed to voluntary production cuts of a half million tons. Other
countries agreed not to pursue unilateral trade sanctions and to work with the CIS producers to
improve environmental standards and develop local aluminum demand. At about the same time, a
number of Western producers voluntary idled of production capacity totaling 950,000 tons. Prices
began to climb steadily, though slowly, in the first quarter of 1994. (See Exhibit 3 and Exhibit 4.)
Aluminum Smelting
Aluminum smelting involved passing a large electric current through a molten mixture of
alumina and cryolite to produce pure metal. This process was carried out in large containers known
as “pots.” Molten aluminum fell to the bottom of the pot, from which it was transferred to a holding
furnace and ultimately cast as ingot. Pot linings lasted three to six years before wearing out and
requiring replacement.
The electrolytic pots were connected in banks called potlines, usually consisting of 125 to 250 pots,
with each pot typically produced between 1 and 1.5 tons of aluminum per day. A typical smelting
facility would have at least two potlines that shared the plant’s infrastructure. An average smelter
might have therefore 300 pots producing 125,000 tons of aluminum per year.
Production of a ton of aluminum, on average, required two tons of alumina and 15,000 kilowatt
hours of electricity. Differences in the trace impurities and particle characteristics in alumina from
different alumina refineries made optimizing a smelter’s production difficult. As a result, many
1 Primary Sources: Annual Reports: Alcoa, Alcan, Reynolds, Pechiney, Alumax, Kaiser, Norsk Hydro, various issues;
International Primary Aluminum Institute, http://www.world-aluminum.org/main.html; London Metal Exchange,
http://www.lme.co.uk/cgi-bin/main1.cgi; Standard & Poor’s, “Industry Surveys: Metals-nonferrous,” various issues; U.S.
Geological Survey, Minerals Yearbook, various issues and U.S. Aluminum Association, Aluminum Statistical Review, various
issues.
2 Commonwealth of Independent States formed after the collapse of the Soviet Union.
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Alusaf Hillside Project 704-458
3
smelter operators preferred to use alumina from a single refinery. Smelter operators produced their
own alumina in many cases, and purchased it on long-term contracts from third parties. In 1994,
approximately half the world’s smelters bought alumina under long-term contracts that tied its price
to the price of aluminum.
Technological improvements had brought the energy requirements down from 21,000 kWh in the
1950s, and the newest plants required only 13,500 kWh per ton. Smelters were typically located close
to low-cost sources of electricity since electricity represented one of the largest costs of smelting
aluminum. The majority of smelters relied on hydropower. While in 1973 electricity generated by oil
and gas had powered about a quarter of smelting capacity, by 1994 these sources accounted for less
than 5% of smelter capacity. Industry participants provided approximately 20% of their own power,
and relied on state-owned or state-regulated utilities for most of the remainder. A number of
governments offered favorable power rates, as well as tax breaks, to attract investment. As a result,
the price of power varied significantly from one smelter to the next.
In addition to electricity and alumina, major raw materials included the coke and pitch used in
making anodes and the bath chemicals used in the pots. Other costs included consumables like
purchased anodes and pot relining materials, the power and fuel not related to the potlines,
maintenance expenses, and labor. The cost structures of the industry’s 114 primary smelters—
totaling 21 million tons of capacity—are given in the accompanying spreadsheet. Exhibit 6 gives the
operating cost structure for an average plant. Costs were typically calculated to include the freight to
the nearest LME3 warehouse.
Because the smelting process was continuous, it was costly to stop and restart smelters. If
production was unexpectedly interrupted for more than four hours, by a power failure for example,
the metal in the pots would solidify, requiring rebuilding and relining the pots. While it was not
possible to reduce the operating hours or vary the production rate of an individual pot, plant
production could be varied relatively quickly by shutting down some fraction of the smelter’s pots.
When done properly, this caused no damage or excessive wear to the pots. Operating a reduced
number of pots still required the operation of all stages of the production process. As a result, scaling
back production resulted in essentially no savings in labor or other nonmaterials costs. Only if an
entire potline were shut down could significant numbers of workers be laid off, for example.
An increasing proportion of aluminum ingot came not from the “primary production” process
described here, but from “secondary production” from scrap. Secondary metal accounted for about a
quarter of world production in 1994, ranging from only 4% of production in Russia and Canada to
99% of production in Japan. While secondary recovery facilities were also known as smelters, they
bore little resemblance to primary production smelters. An efficient facility could be as small as
10,000 tpy, required relatively little capital, and consumed about 5% of the energy per ton of a
primary smelter.
The market for aluminum was global. Most companies involved in primary production also
processed some of their output in-house, but a substantial fraction was typically sold to independent
semifabricators and fabricators. These sales took place both through supply contracts and through
spot transactions coordinated by the LME. The LME physically coordinated such transactions and
maintained a number of warehouses to store their inventories around the world. The average freight
cost from a smelter to the nearest LME warehouse was $40 per ton.
3 London Metal Exchange: Aluminum began trading on the London Metal Exchange in 1978. The LME established official
spot and forced prices for the metal and also provided a physical market with a global network of warehouses. (See Exhibit 5.)
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704-458 Alusaf Hillside Project
4
The South African Aluminum Industry
The South African aluminum industry’s origins could be traced to investments made by Alcan in
the 1940s. As part of its efforts to create demand for its ingot, Alcan built semifabrication capacity in
South Africa to serve the local market.
A government-coordinated development effort at the port of Richard’s Bay, together with a desire
to reduce dependence on imported ingot, led to construction of South Africa’s first primary
production facility nearly 25 years later. The original Bayside plant came on stream in 1972 with
capacity of approximately 85,000 tpy. Less than a quarter of Bayside’s production was exported. Ten
years later, the Bayside plant was expanded through the relocation to Richard’s Bay of a similarly
sized plant in Niigata, Japan, that had been shut down due to escalating energy costs. Over three
quarters of the new plant’s production was exported as ingot.
A number of companies besides Alusaf participated in the South African aluminum industry
either as scrap recyclers or as fabricators. The production of secondary aluminum had held relatively
steady at about 30,000 tpy since 1980. Together with primary production, this brought total domestic
production to about 200,000 tpy.
In 1994, South Africa conversion of aluminum into semifabricants produced was focused on
domestic demand. South African aluminum exports totaled approximately 100,000 tpy, of which
20,000 tpy were semifabricated products and 80,000 tpy were ingot. Domestic consumption of
semifabrication totaled about 130,000 tpy, of which about 30,000 were imported products.
The Hillside Project
Escom, South Africa’s electrical power utility, initiated discussion of the Hillside project with
Alusaf in mid-1991. With aluminum prices around $1,300 per ton, Alusaf had suggested to Escom
that the Bayside smelter was not economically viable given market conditions and might be shut
down. Escom responded with an offer to reduce power rates dramatically if Bayside were kept open
and an additional facility at Richard’s Bay constructed.
Escom offered to supply the smelter’s approximately 680 Mw electricity requirements under an
unusual long-term contract. About half the world’s smelters operated under contracts guaranteeing
discounted electricity for multiple years; often these contracts tied the price of electricity to the price
of aluminum and employed complicated formulas that imposed caps and floors on prices. The 25-
year Escom/Alusaf contract was unique in its simplicity: Alusaf would pay Escom 16% of the per-ton
price of aluminum for every ton of aluminum produced, assuming the plant produced at its designed
efficiency. While the contract did contain provisions protecting Escom from inefficient production, it
did not protect Escom against fluctuations in the price of aluminum. Escom and Alusaf were also
discussing whether Escom might take an equity stake in the facility.
As a result of high growth projections in the 1970s, Escom had built enormous generating capacity
of 38,000 Mw, of which 8,000 Mw now stood idle. Rob Barbour, managing director of Alusaf, claimed
that the high energy requirements of aluminum production made aluminum essentially “frozen
energy” and that therefore Alusaf “will become an exporter of South African energy with high value-
added.”4
4 Gooding, Kenneth, “Aluminum producer aims to ‘frighten off’ new competitors,” Financial Times, September 24, 1991, p. 36.
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Alusaf Hillside Project 704-458
5
For provision of all the basic engineering and technology for the plant, Alusaf planned to contract
with Pechiney, the French firm whose technology had been used in over three quarters of all recent
smelter projects. Lacking bauxite and alumina operations, Alusaf intended to import the full 900,000
tpy alumina requirement of the new smelter and had negotiated a tentative alumina supply
agreement with Alcoa of Australia and Billiton (a subsidiary of Royal Dutch Shell). This contract tied
the price of alumina to the price of aluminum, a common contracting practice employed by about
half the world’s smelters. For the Hillside plant, this contract ensured that per-ton alumina and
power costs would always amount to 41% of the price of aluminum. Estimates for other operating
costs at Hillside are given in Table A. Capital costs were estimated to total $2 billion.
Table A Hillside's Projected Operating Costs
($ per ton)
Other raw materials $143
Plant power and fuel 17
Consumables 32
Maintenance 38
Labor 68
Freight 40
General and administrative 32
Before the feasibility study was complete, Barbour announced that he believed there was a “high
probability” the smelter would be approved. “In the meantime we hope to deter others from
thinking about aluminum smelter projects,” he added. “We want to frighten them off by convincing
them that this one is unstoppable.”5
The Decision
In early 1994, tentative contracts for power, alumina, and the smelting technology were all in
place, and willing investors had been lined up.
Three new smelters using the Pechiney technology had been completed in recent months. Now,
Hillside was the only planned smelter project, and a number of other proposed projects had been
cancelled. Equipment suppliers were quoting Alusaf prices 20% to 30% below those supplied for the
feasibility study, and the capital cost of the new plant was now projected to total only $1.6 billion.
At the beginning of 1994, aluminum prices stood at $1,110. Aluminum-producing countries had
scheduled meetings in the coming months to address the world glut of aluminum, but it was unclear
whether prices would recover anytime soon. Barbour wondered whether he should commit to this
enormous and ambitious project in the face of these uncertain industry conditions.
5 Gooding, Kenneth, “Aluminum producer aims to ‘frighten off’ new competitors,” Financial Ttimes, September 24, 1991, p. 36.
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2022.
704-458 Alusaf Hillside Project
6
Exhibit 1 U.S. Consumption by Sector
Western World 1993 Aluminum Consumption (millions of metric tons)
Consumption % of Total 10-Year CAGR
Building 4.34 21.3% 2.4%
Transportation 5.09 25.0% 5.1%
Packaging 4.28 21.0% 3.9%
Consumer durables 1.49 7.3% 2.8%
Electrical 1.88 9.2% 1.1%
Machinery and equipment 1.78 8.7% 4.2%
Other 1.53 7.15% 1.4%
Total 20.39 100.0% 3.3%
Source: Alcan
Note: Consumption totals include all countries that were not Communist in the mid-1980s, except for a few smaller Asian
economies that did not report detailed consumption data.
World Aluminum Consumption
0.0
1.0
2.0
3.0
4.0
5.0
6.0
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
m
il
li
o
n
s
o
f
m
e
tr
ic
t
o
n
s
Building
Transportation
Packaging
Consumer durables
Electrical
Machinery
Other
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2022.
Alusaf Hillside Project 704-458
7
Exhibit 2 World Aluminum Production
Exhibit Primary Aluminum Production
Source: Bureau of Mines, U.S. Department of Interior
World Primary Aluminum Production
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
1930 1933 1936 1939 1942 1945 1948 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993
th
o
u
s
a
n
d
s
o
f
m
e
tr
ic
t
o
n
s
Primary Aluminum Production
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
th
o
u
s
a
n
d
s
o
f
m
e
tr
ic
t
o
n
s
North America
South America
E.U.
Other Europe
Africa
Asia
Oceania
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704-458 Alusaf Hillside Project
8
Exhibit 3 Aluminum Prices
Source: IMF, London Metal Exchange
Aluminum Prices, 1960 - 1993
0
500
1000
1500
2000
2500
3000
3500
1
9
6
0
1
9
6
2
1
9
6
4
1
9
6
6
1
9
6
8
1
9
7
0
1
9
7
2
1
9
7
4
1
9
7
6
1
9
7
8
1
9
8
0
1
9
8
2
1
9
8
4
1
9
8
6
1
9
8
8
1
9
9
0
1
9
9
2
$
/t
o
n Nominal
Real
Aluminum prices, Jan 89 - Dec 93
$0.00
$500.00
$1,000.00
$1,500.00
$2,000.00
$2,500.00
$3,000.00
3
/1
/8
9
1
/3
/8
9
2
/5
/8
9
2
9
/0
6
/8
9
2
5
/0
8
/8
9
2
4
/1
0
/8
9
2
0
/1
2
/8
9
2
0
/0
2
/9
0
2
0
/0
4
/9
0
2
0
/0
6
/9
0
1
6
/0
8
/9
0
1
5
/1
0
/9
0
1
1
/1
2
/9
0
1
3
/0
2
/9
1
1
5
/0
4
/9
1
1
3
/0
6
/9
1
9
/8
/9
1
8
/1
0
/9
1
4
/1
2
/9
1
5
/2
/9
2
2
/4
/9
2
4
/6
/9
2
3
1
/0
7
/9
2
2
9
/0
9
/9
2
2
5
/1
1
/9
2
2
6
/0
1
/9
3
2
4
/0
3
/9
3
2
5
/0
5
/9
3
2
2
/0
7
/9
3
2
0
/0
9
/9
3
1
6
/1
1
/9
3
$
/t
o
n
Nominal
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Alusaf Hillside Project 704-458
9
Exhibit 4 World Consumption and Production, 1993 (millions of metric tons)
5-Year
CAGR
10-Year
CAGR
1993
1988
1983
Primary production 1.4% 3.6% 19.8 18.5 13.9
Secondary production 3.7% 3.4% 6.0 5.0 4.3
Total production 25.8 23.5 18.2
Consumption:
Western worlda 2.0% 3.3% 20.4 18.5 14.8
All other countries -3.5% 0.2% 4.1 4.9 4.0
Total consumption 24.5 23.4 18.8
Changes in inventories 1.3 0.1 -0.6
(excess of production over consumption)
Source: Alcan; U.S. Bureau of Mines; U.S. Aluminum Association; casewriter estimates.
a Western world consumption includes all countries that were not Communist in the mid-1980s, except for some smaller Asian
countries that did not report detailed consumption data.
Exhibit 5 London Metal Exchange Inventories
Source: London Metal Exchange
LME Inventories
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
1
2
/2
9
/7
8
1
2
/2
9
/7
9
1
2
/2
9
/8
0
1
2
/2
9
/8
1
1
2
/2
9
/8
2
1
2
/2
9
/8
3
1
2
/2
9
/8
4
1
2
/2
9
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Primary Aluminum
For the exclusive use of Y. Cheng, 2021.
This document is authorized for use only by Yuanhan Cheng in ECON3356 Industrial Organization for Business Decisions 2021 taught by Michael Grubb, Boston College from Aug 2021 to Jan
2022.
704-458 Alusaf Hillside Project
10
Exhibit 6 Cost Structure for Average Smelter
Average 1993 Operating Cost Structure
($/metric ton except where noted)
Electricity usage (kWh/t) 15,800
Electricity price ($/kWh) 0.02
Total electricity cost 316
Alumina usage (t/t Al) 1.94
Alumina price ($/t alumina) 190
Total alumina cost 369
Other raw materials 125
Plant power and fuel 10
Consumables 70
Maintenance 50
Labor 150
Freight 45
General and administrative 75
Total operating costs 1,210
Source: CRU International
For the exclusive use of Y. Cheng, 2021.
This document is authorized for use only by Yuanhan Cheng in ECON3356 Industrial Organization for Business Decisions 2021 taught by Michael Grubb, Boston College from Aug 2021 to Jan
2022.
Alusaf Hillside Project 704-458
11
Exhibit 7 Financials for Leading Aluminum Companies
1993 1992 1991 1990 1989
ALCOA (millions of US dollars)
Sales $ 9,056 $ 9,492 $ 9,884 $ 10,170 $ 10,910
Net income 5 (1,139) 64 295 945
Total assets 11,597 11,023 11,178 11,413 11,541
Alcan (millions of US dollars)
Sales $ 7,232 $ 7,596 $ 7,748 $ 8,757 $ 8,839
Net income (104) (112) (36) 533 835
Total assets 9,810 10,146 10,816 10,649 9,508
Reynolds (millions of US dollars)
Sales $ 5,269 $ 5,593 $ 5,730 $ 6,022 $ 8,143
Net income (322) (749) 154 297 533
Total assets 6,709 6,897 6,685 6,527 6,527
Pechiney (millions of French francs)
Sales 63,925 65,374 74,425 76,869 88,472
Net income (890) 203 820 4,913 3,337
Total assets 71,769 70,570 - - -
Alumax (millions of US dollars)
Sales $ 2,347 $ 2,431 $ 2,302 $ 2,452 $ 2,551
Net income (138) (64) 42 177 289
Total assets 2,959 2,871 2,739 2,379 2,155
Kaiser (millions of US dollars)
Sales $ 1,719 $ 1,909 $ 2,001 $ 2,095 $ 2,193
Net income (652) 27 108 214 202
Total assets 2,528 2,773 2,134 2,119 2,131
Norsk Hydro (millions of Norwegian
krones)
Sales 60,350 58,062 60,608 60,377 63,329
Net income 2,996 (195) (498) 2,901 2,687
Total assets 88,015 85,750
For the exclusive use of Y. Cheng, 2021.
This document is authorized for use only by Yuanhan Cheng in ECON3356 Industrial Organization for Business Decisions 2021 taught by Michael Grubb, Boston College from Aug 2021 to Jan
2022.
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