Alcoa misses profits forecasts as aluminium prices fall
Despite a sharp rise in profits, US aluminium-maker Alcoa has announced quarterly results that fell well short of analysts' expectations.
Net income for the three months to the end of September was $172m (£110m), compared with $61m a year earlier. Sales rose 21% to 6.42bn.
However, lower aluminium prices and weaker demand in Europe meant profits fell sharply from the previous quarter.
Alcoa shares lost ground in after-hours trading as a result.
Chief executive Klaus Kleinfeld said the uncertain economic outlook was affecting aluminium prices.
"With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded," he said.