Noranda optimistic despite fall in ’12 earnings
Feb 20, 2013 | 01:13 PM
| Michael Cowden
Tags
Noranda,
earnings report,
2012,
Layle K. Smith,
bauxite,
Midwest premium,
aluminum,
Michael Cowden
CHICAGO — Noranda Aluminum Holding Corp.’s earnings fell sharply last year as the company was hammered by lower aluminum prices on the London Metal Exchange, lower shipments and losses in its bauxite segment.
But the Franklin, Tenn.-based company said it expects a brighter 2013 thanks to better companywide operations and continued improvements in demand.
"Although our 2012 results were negatively affected by LME prices that, in real terms, reached points that were among historical lows, we experienced throughout the year stable, solid demand," Noranda president and chief executive officer Layle K. "Kip" Smith said in a statement released with earnings data Feb. 20. In addition, the company benefited from "attractive" Midwest and fabrication....
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