Alcoa posts $178M loss on closures, low prices

Apr 08, 2014 | 06:02 PM | Michael Cowden

Tags  Alcoa, Klaus Kleinfeld, company earnings, first quarter, aluminum prices, capacity reduction, Brazil, Australia smelting

CHICAGO — Alcoa Inc. logged a first-quarter net loss of $178 million on low aluminum prices and costs related to plant closures.

The Pittsburgh-based aluminum producer’s red ink was in contrast to net income of $149 million in the same period last year as sales fell 6.5 percent in the same comparison.

The loss came as aluminum prices fell 8 percent year over year and as the company took a $276-million hit largely related to smelter and rolling mill capacity reductions, Alcoa said in its earnings report April 8. ....

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