Alcoa loses 91 million in the second quarter

MADRID, 20 Jul. (EUROPA PRESS) -

Alcoa, the largest US aluminum producer, recorded losses of 102 million dollars (91 million euros) in the second quarter of 2023, in contrast to the attributable net profit of 549 million dollars (489 million euros) posted a year earlier by the company.

However, the Pittsburgh multinational highlighted the sequential improvement in its quarterly result after losses of 231 million dollars (206 million euros) between January and March 2023.

In this sense, Alcoa highlighted that this sequential improvement reflects the non-recurrence of charges related to the restructuring of the first quarter for an amount of 149 million dollars (133 million euros) mainly due to the permanent closure of the Intalco smelter and certain obligations related to the updated agreement for the San Ciprián smelter.

Between April and June 2023, Alcoa's turnover decreased by 26.3%, to 2,684 million dollars (2,393 million euros), while the multinational's costs and expenses increased by 1.7% year-on-year, to 2,783 million dollars (2,482 million euros).

"While we saw lower prices during the second quarter, our global teams have worked to address near-term challenges and drive operational improvements," said Alcoa Chairman and CEO Roy Harvey.

"We expect to see financial improvement in the third quarter of 2023 as the alumina and aluminum segments are expected to see reduced raw material and production costs," he added.

Looking to the full year 2023, Alcoa continues to expect total alumina and aluminum shipments to remain unchanged between 12.7 and 12.9 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.