Cost reductions help Alcoa swing to black
Oct 08, 2013 | 06:49 PM
| Michael Cowden
FARMINGTON, Pa. Despite lower aluminum prices, Alcoa Inc. swung to a profit in the third quarter thanks to cost-cutting measures and strength in its value-added businesses, the company said Oct. 8.
The Pittsburgh-based aluminum producer posted net income of $24 million for the three months ended Sept. 30 in sharp contrast to a net loss of $143 million in the same period last year on sales that slipped 1.2 percent to $5.77 billion from $5.83 billion.
Alcoa posted year-to-date net income of $54 million vs. a net loss of $51 million in the first nine months of last year on sales that fell 2 percent to $17.45 billion from $17.8 billion.....
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