Alcoa, the Pittsburgh-based aluminum giant, reported a net loss of $2.3 billion, or $2.19 a share, on revenue of $5.59 billion in the fourth quarter compared with $242 million, 21 cents a share on revenue of $5.9 billion in the same quarter a year earlier.
Excluding one-time restructuring, write-downs and tax items, Alcoa would have reported earnings of 4 cents a share. Alcoa attributed the loss mostly to writing down the value of aluminum-smelting operations. The company is struggling with a worldwide glut of aluminum that is creating stubbornly weak prices -- in the quarter, the company received an average price that was 7% lower than it got a year earlier. -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/globalspeculators. For more options, visit https://groups.google.com/groups/opt_out.
