Alcoa posts 4Q loss

Company News

Alcoa Inc (ASX:AAI) has posted a big final quarter loss, reporting a $US1.7 billion non-cash impairment charge on past smelter acquisitions.
 
The net loss came in at $US2.3 billion, with revenue hitting $23 billion. 
 
Low aluminium prices have hurt the performance of Alcoa's upstream segments, which mine bauxite, refine it into alumina and smelt alumina to produce aluminium.
 
Sales declined to $US5.59 billion from $US5.9 billion.
 
However Alcoa is optimistic about the year ahead, forecasting 7 per cent growth in global aluminium demand in 2014.