Alcoa Q1 2016 sales $4.95bn = -5% below analyst expectations (-15% yoy) – we previously warned about this.... QMG analysis shows continued pressure on fundamentals across AA key/core markets – see attached chart below underscoring this point as regards US aluminium. Still no reason/opportunity to view this product group favourably. For investors looking for materials exposure in USA – we highlight the positive trends across Cement - second chart.