"There's [costs] that you experience when you're up high in a learning curve with a new program that you'll see move down " as production accelerates, Mr. Hess said he intends to carry forward on the long-range targets established by Mr. Kleinfeld and the board, including a commitment to product research and development and reducing overhead costs. Elliott, which owns a 13.2% stake in the company, remains highly critical of the company's financial targets, accusing the board and other executives of failing to diligently manage the company for profit growth. Arconic split from aluminum producer Alcoa Corp. last fall to pursue high-margin business lines in supplying aluminum sheet, plate and metal products to the auto, aerospace and transportation markets.