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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”.
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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