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.

Have your say on this story