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News
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Financial News
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Alcoa reported a quarterly loss that met Wall Street's expectations and revenue that was above analysts' forecast, sending shares slightly higher in after-hours trading on Monday.The largest U.S. aluminum producer [ AA 9.425 +0.265 (+2.89%) ] reported a fourth-quarter loss excluding items of 3 cents per share, down from 21 cents a share in the year-earlier period.Revenue rose 6 percent even as the price of aluminum fell 6 percent in the fourth quarter and 18 percent in the year.Analysts had expected the company to report a loss of 3 cents per share on revenue of $5.70 billion, according to a consensus estimate from Thomson Reuters.A slower global economy hurt aluminum demand in industries ranging from construction and packaging to automobiles.Last week, Alcoa said it will cut 12 percent of its global smelting capacity and take action to counter rising raw material costs. [Read the full article]
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