Alcoa Inc has signed a long-term deal worth about $110 million to supply titanium and aluminum parts to planemaker Airbus from its recently overhauled facility in Cleveland.
Hit hard by weak aluminum prices, Alcoa has touted the growth of its engineered products business, which sells goods like aircraft parts and has proved more profitable in recent quarters than selling less-processed metal at rock-bottom prices.
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The Cleveland plant will supply forgings to connect Airbus' A320neo single-aisle jet's wing structure to its engine, among other products. Detailed terms of the deal were not disclosed.
Aerospace is a key market for producers of aluminum, a metal that is light relative to its strength. Alcoa has forecast the sector will grow 9 percent to 10 percent worldwide in 2013.