Alcoa Slides Most Since June on Weaker Aluminum Outlook
- Company’s share price declines in late trading in New York
- Outlook muted the impact of better-than-expected results
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Alcoa Corp. dropped the most since June after it projected a fourth-quarter decline in its aluminum business amid rising costs, overshadowing better-than-expected earnings.
The company expects the aluminum segment to slip from the third quarter, with higher power costs in Europe, a full quarter of Section 232 tariff and increased maintenance and seasonal labor costs, according to a statement Wednesday. That will be partially offset by the positive impact of its smelter curtailment in Washington state.