Aluminum manufacturer Alcoa reported fourth quarter profits that were 15% below expectations due to higher-than-expected costs of production. The company retains an upbeat outlook for the market, and expects an improved balance between supply and demand due to Chinese excess capacity dropping by 16% in 2018 vs. 2017. That won’t prevent increasing protectionism however, with the U.S. EU and Japan planning to act against “excess capacity” industries. Chinese exports increased 3% in dollar terms in the 12 months to November 30, led by a 17% surge in shipments to the U.S. America is alrea...