This morning in metals news: Alcoa announced its first quarter financial results; US housing starts surged in March; and General Motors and LG Energy Solution are building a second Ultium battery cell manufacturing plant in the US.
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Alcoa releases first quarter financial results
Alcoa released its first quarter financial results Thursday, in which it posted strong numbers boosted by higher aluminum and alumina prices.
The firm reported net income of $175 million in the first quarter of 2021. That compares with income of $80 million in Q1 2020. Meanwhile, Alcoa reported a net loss of $4 million in Q4 2020.
“We had an excellent first quarter with our best quarterly result since a record-setting year in 2018,” Alcoa President and CEO Roy Harvey said. “We excelled from the top line to the bottom line, controlling production costs and capturing the benefits of improved demand and stronger prices for alumina and aluminum.”