US Alcoa reports net loss of $119m on restructuring charges

08 July 2013 22:31  [Source: ICIS news]

HOUSTON (ICIS)--US-based aluminium producer Alcoa reported on Monday a second-quarter net loss of $119m (€93m), compared with a net loss of $2m for the same time last year, caused mostly by a one-time restructuring charge.

Excluding special items, Alcoa reported a net income of $76m, as costs fell faster than sales.

Net sales were $5.85bn, down nearly 2% from $5.96bn from the same time last year.

Cost of sales were $4.93bn, down more than 4% from $5.15bn from the same time last year.  

The company reported a restructuring charge of $244m, compared with one of $15m from the same time last year. This reflected plant closings.

Looking ahead, Alcoa expects global aluminium demand to rise by 7% this year. Alumina and aluminium markets should remain balanced.

The aluminium industry is a large consumer of caustic soda.

($1 = €0.78)

By: Al Greenwood
+1 713 525 2645

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