Alcoa Squeezed by ‘Stubbornly High’ Costs, Lower Aluminum Prices
- Top US aluminum maker sees lower earnings in third quarter
- China demand seen weakening, while North America remains
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Alcoa Corp. is getting squeezed by higher energy costs and lower aluminum prices, which the company warned investors late Wednesday will result in lower earnings for the third quarter.
The largest US aluminum maker’s Chief Financial Officer William Oplinger said that after a “spectacular” first half of the year, the third quarter is going to be rough due to declining metal prices, rising raw material costs, increasing energy costs -- particularly in Europe -- and operational issues in Australia.