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....
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