Hindalco slips after Alcoa's weak Q4 earnings

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Rajesh Desai

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Jan 10, 2014, 2:16:46 AM1/10/14

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Alcoa, the Pittsburgh-based aluminum giant, reported a net loss of $2.3 billion, or $2.19 a share, on revenue of $5.59 billion in the fourth quarter compared with $242 million, 21 cents a share on revenue of $5.9 billion in the same quarter a year earlier.

Excluding one-time restructuring, write-downs and tax items, Alcoa would have reported earnings of 4 cents a share.

Alcoa attributed the loss mostly to writing down the value of aluminum-smelting operations. The company is struggling with a worldwide glut of aluminum that is creating stubbornly weak prices -- in the quarter, the company received an average price that was 7% lower than it got a year earlier.