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Alcoa reports $497M loss in 1Q on lower prices...
[Daniel Lovering, AP Manufacturing Writer, Tuesday April 7, 2009, 5:05 pm EDT]
PITTSBURGH (AP) -- "Alcoa Inc., the largest U.S. aluminum producer, said Tuesday it lost $497 million during the first quarter, as the global economic crisis continued to erode prices and demand for the lightweight metal.
The loss was Alcoa's second in the past two consecutive quarters and underscored the deterioration of aluminum-intensive industries such as autos and construction. Orders for the metal, used in everything from cars and airplanes to windows and soda cans, began sliding last fall as the world economy weakened. Stockpiles grew, prices plunged and aluminum makers started scaling back production worldwide. Analysts say plants are losing money, but that prices may recover modestly this summer.
Alcoa, the first blue chip company to report earnings for the quarter, and considered an indicator of upcoming results from other firms, said its quarterly revenue dropped 44 percent to $4.15 billion from $7.38 billion during the same period last year..."
PITTSBURGH (AP) -- "Alcoa Inc., the largest U.S. aluminum producer, said Tuesday it lost $497 million during the first quarter, as the global economic crisis continued to erode prices and demand for the lightweight metal.
The loss was Alcoa's second in the past two consecutive quarters and underscored the deterioration of aluminum-intensive industries such as autos and construction. Orders for the metal, used in everything from cars and airplanes to windows and soda cans, began sliding last fall as the world economy weakened. Stockpiles grew, prices plunged and aluminum makers started scaling back production worldwide. Analysts say plants are losing money, but that prices may recover modestly this summer.
Alcoa, the first blue chip company to report earnings for the quarter, and considered an indicator of upcoming results from other firms, said its quarterly revenue dropped 44 percent to $4.15 billion from $7.38 billion during the same period last year..."
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