Alcoa Reports Lower Revenues, Takes a Net Loss

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The largest US aluminum producer, Alcoa, reported quarterly revenues of $5.5 billion today. That was lower than the $5.8 billion reported in the first quarter of 2013 due to 8% lower year-over-year aluminum prices. Alcoa said smelting reductions also played a role. Alcoa also said the net loss was a result of an after-tax charge of $276 million associated with special items primarily related to restructuring.

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With a 2.0 percent increase over the past day, the Indian aluminum cash price was the biggest mover, closing at INR 112.25 ($1.87) per kilogram on Thursday, April 10. Following a 0.4 percent rise yesterday, the 3-month price of aluminum closed on the LME at $1,823 per metric ton. The cash price of primary aluminum rose 0.3 percent on the LME to $1,791 per metric ton after a two-day drop.

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Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum saw a 0.1 percent decline to CNY 12,755 ($2,057) per metric ton. The price of Chinese aluminum scrap held steady at CNY 12,250 ($1,976) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,192) per metric ton. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,290) per metric ton.

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