Wise Metals’ quarterly loss widens to $53.9 million
Nov 13, 2006 | 09:38 AM
| Paul Schaffer
Wise Metals Group LLC, which produces aluminum sheet largely from can scrap, reported a net loss of $53.9 million in the third quarter, more than five time the $10.5-million loss logged in the year-earlier quarter.
The loss included $22 million for open futures contracts used to hedge price risk, a line item required by accounting rule FAS133. When such hedging contracts approach expiration and are closed out, FAS133-basis gains and losses always shrink....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here