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Alcoa takes a big dip in earnings
India's News.Net
Tuesday 13th January, 2009
Alcoa has announced a US$1.19 billion loss in the fourth quarter with worse than expected earnings.
The company, which is being pushed down by falling demand and low aluminum prices lost $1.49 a share in the fourth quarter, compared to a profit of 75 cents a share in the same period last year.
Revenue fell to $5.7 billion, down from $6.1 billion in the fourth quarter of last year.
Klaus Kleinfeld, president and CEO of Alcoa, has said the company will take wide-ranging measures to address the economic downturn.
Alcoa, in an effort to reduce costs during the economic downturn, announced last week that it would cut 15,000 jobs.
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