The parent of Australia’s Alcoa
(ASX:AAI), Alcoa Incorporated’s (NYSE:AA) third quarter earnings have exceeded market forecasts.
The US based aluminium giant has reported a net loss of $US143 million as third quarter revenue dropped 9 per cent to $US5.8 billion.
The result was hit by one off charges and a 17 per cent price drop for the company’s core product, aluminium, compared to the year before.
Alcoa has also today announced it has resolved civil litigation with Alba and resumed its commercial relationship through entering into a long-term alumina supply agreement.
Looking ahead Alcoa has forecast global aluminium demand of 6 per cent this year and has confirmed it expects demand to double from 2010 to 2020.
