Alcoa's CEO, Alain Belda, forecasts 9.6% growth in worldwide primary aluminum consumption this year, a slight dip from last year's projected 10% increase. He is projecting that consumption in North America could climb about 0.8% in 2008 after sliding an estimated 9.5% in 2007.

"The U.S. economy will muddle through 2008, and Europe will have a modest growth" rate, while emerging economies should continue to be strong, says the aluminum giant's CEO in a statement.

Belda says all of the end markets served by Alcoa, such as the automotive and construction sectors, are expected to be up globally in 2008—"especially in such growth markets as Brazil, China and Russia"—even though they likely will be hobbled in North America.

Belda calls the overall world aluminum market "solid," paced by a 24% increase in China's aluminum consumption this year, on the heels of an estimated 37% increase last year. (In contrast, Rio Tinto's CEO, Tom Albanese, sees Chinese demand for aluminum increasing by just 15% in 2008 as the country takes fiscal measures that slow industrial output to avoid an overheated economy.)