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Alcoa posts 2Q loss of $454M on weak demand
Wednesday July 8, 4:28 pm ET
Alcoa reports 2nd-quarter loss of $454M as global recession continues to hammer demand, prices

PITTSBURGH (AP) -- Aluminum producer Alcoa says it lost $454 million during the second quarter as the global recession continued to dampen demand and prices for the lightweight metal.

Alcoa's loss of 47 cents per share is fresh evidence of slumping orders from key buyers in the aerospace, automotive and construction industries. Pittsburgh-based Alcoa Inc. says it earned $546 million, or 66 cents per share, in the year-earlier period.

Excluding restructuring charges, Alcoa's loss would be 26 cents per share. Analysts predicted a loss of 38 cents per share.

Aluminum demand tumbled with the global economy last year, driving up stockpiles and eroding prices. Producers have since slashed production.