Alcoa quarterly profits decline on aluminum prices

A workers checks stocks of aluminium at Alcoa's plant in Portovesme on the Italian island of Sardinia Alcoa said that it had a 9% drop in the realised price of aluminum

Related Stories

US aluminium giant Alcoa has said that its net profits fell from a year ago as the company kicked off US earnings season.

It made a net income in the first quarter of $94m (£59m), compared with $308m in the same period last year.

This was partly due to a 9% drop in the sale price of aluminium, said Alcoa, which is the world's largest producer of the metal.

But it is better than the previous quarter when Alcoa made a $191m loss.

Alcoa is the first member of the blue-chip Dow Jones Industrial Average to report quarterly earnings.

There was also 13% drop in the realised price of alumina, which is an oxidised form of aluminium of which Alcoa is also the world's largest refiner.

"Challenges remain in this economy, but we approach them better prepared than ever before," said Klaus Kleinfeld, Alcoa's chairman and chief executive officer.

Alcoa shares fell 2.9% earlier, before trading closed, amid steep global stock falls.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?


  • Oliver CromwellA brief history

    The 900-year-story behind the creation of a UK parliament


  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest


  • TigerBard taste? Watch

    Are trailer videos on social media spoiling theatre?


  • Tesco signBest before?

    Has Tesco passed its sell-by date, asks Richard Anderson


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.