NEW YORK (TheStreet) -- Alcoa (AA) - Get Report stock is up 1.59% to $9.24 in afternoon trading on Thursday after the metals company was awarded a $470 million contract with Embraer (ERJ), a commercial jet manufacturer.
New York City-based Alcoa will supply aluminum sheets and plates for Embraer's E2 commercial aircrafts under the multi-year agreement. The aircrafts are scheduled to begin flying in 2018.
"Our patented alloys enable us to support our customer's game-changing E2 program, and we're proud that Alcoa will fly with Embraer," Mark Vrablec, president of Alcoa's aerospace and automotive products unit, said in a statement.
Alcoa will also supply wing ribs, fuselage frames and other structural parts for the E2 and Embraer's KC-390 models.
The new contract will be under the value-added business, called Arconic, which will spin off from Alcoa in the second half of the year.
Separately, Alcoa has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's solid financial position, which offsets poor profit margins, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: AA
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