Arab Today, arab today alcoa posts loss as plant closures announced
Last Updated : GMT 09:18:07
Arab Today, arab today
Arab Today, arab today

Alcoa posts loss as plant closures announced

Arab Today, arab today

Arab Today, arab today Alcoa posts loss as plant closures announced

Washington - AFP

Aluminum industry leader Alcoa announced a nearly $200 million loss for the fourth quarter on Friday, after saying it would slash its global smelting capacity by closing US and European plants. Kicking off the US earnings season, Alcoa said it had lost a net $191 million in the last quarter of 2011, as revenue declined and cash was set aside for restructuring. Facing lower metal prices and a stumbling European economy, Alcoa earlier Monday announced it would close high-cost plants in Italy and Spain. Less than a week after announcing that it was shuttering facilities in Tennessee and Texas, Alcoa said its bid to reduce smelting capacity by 12 percent would also spell an end to some activities in Europe. The company said a plant in Portovesme, Sardinia, would be closed permanently, while plants in Galicia and Aviles in Spain would be likely be closed temporarily. The measures will take effect by the first half of 2012, and will come as a body blow in two countries that are laboring under high debt and weak economic growth. Current employment at the three European plants is about 1,500 people, Alcoa said. The US and European closures are part of a plan to reduce Alcoa\'s global smelting capacity of 4.5 million metric tons per year, in the hope of lowering costs and becoming more competitive. The company\'s chief executive pointed to full-year profit that more than doubled, to $611 million, and a substantial chunk of cash on hand as evidence Alcoa is able to weather the storm. \"Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash,\" said CEO Klaus Kleinfeld. \"We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa posts loss as plant closures announced Arab Today, arab today alcoa posts loss as plant closures announced

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa posts loss as plant closures announced Arab Today, arab today alcoa posts loss as plant closures announced

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday