Noranda net income slides with aluminum price
Apr 25, 2012 | 03:34 PM
| Suzy Waite
Tags
Noranda Aluminum,
Layle Smith,
LME,
aluminum prices,
smelter,
Suzy Waite
NEW YORK — Noranda Aluminum Holding Corp. reported a slide in net income during the first three months of the year but remains bullish on the aluminum sector, despite volatile price movements on the London Metal Exchange.
The Franklin, Tenn.-based aluminum producer posted net income of $16.2 million in the first quarter, down nearly 34 percent from $24.4 million in the fourth quarter and off almost 58 percent from $38.3 million recorded in the same quarter last year. Sales rose 4 percent vs. the fourth quarter to $353.5 million but dropped 10 percent from the first quarter of 2011, which the company attributed to the declining price of aluminum on the LME.....
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