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Price rise fails to eliminate Alcoa's losses

A 9% rise in aluminium prices in the final quarter of 2009 failed to boost Alcoa’s results yesterday, which showed narrowed, but continued, losses due to “significant energy and currency headwinds”.

    • Pauline McCallion
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Revenues for the Pittsburg-based aluminium producer rose 18% from the third quarter to $5.4 billion. But it announced a net loss of $277 million, compared to $77 million in the previous quarter and $1.19 billion in Q4 2008.

Alcoa posted losses of $65 million related to higher power and currency costs. A recent European ruling on electricity tariffs also resulted in charges of $250 million for the company and has forced it to temporarily shut down its smelters in Italy.

Leo Larkin, equity analyst

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