Alcoa profit hurt by slowdown fears
Thursday, 13 October 2011
NEW YORK, Oct 12: Alcoa Inc , the largest U.S. aluminum producer, said an economic slowdown hurt demand and knocked prices for the metal lower, denting its third-quarter profit and sending its shares down in after-hours trading. CEO Klaus Kleinfeld warned of weak economic conditions through the year, particularly in Europe, "as confidence in the global recovery faded." That sapped aluminum demand from the automotive, industrial products, construction and packaging sectors since the second quarter, with only the aerospace and transport sectors growing. The third-quarter profit jumped from a year ago, but was lower than the second quarter and fell short of Wall Street expectations, which had already been lowered because of a slump in global metal prices. - Reuters