Harsh winter sends Aleris into red in qtr.

May 16, 2014 | 06:22 PM | Bhavna Patel

Tags  Aleris International, earnings report, aluminum, Steven J. Demetriou, Midwest premium, automotive, London Metal Exchange, LME Bhavna Patel

NEW YORK — Aleris International Inc. fell into the red in the first quarter due to severe winter weather conditions, a volatile Midwest premium and a weaker U.S. dollar.

The Cleveland-based aluminum company logged a net loss of $17.6 million in the three months ended March 31 vs. net income of $10.9 million in the same period last year on sales that dipped 5 percent.

First-quarter profitability was negatively impacted "due to the extreme weather conditions in North America that resulted in numerous lost shipping days, limited scrap availability and higher natural gas consumption as the weather led to difficult operating conditions," chairman and chief executive officer Steven J. Demetriou said during the company’s earnings call.....





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