Advertisement
 
YOU ARE HERE: LAT HomeCollectionsAlcoa
IN THE NEWS

Alcoa

FEATURED ARTICLES
BUSINESS
January 9, 2012 | Bloomberg News
Alcoa Inc. reported its first quarterly loss in more than two years after prices tumbled for aluminum. Its fourth-quarter net loss was $191 million, or 18 cents a share, compared with net income of $258 million, or 24 cents, a year earlier, the New York company said Monday. The loss excluding restructuring costs was 3 cents a share, matching the average projection in a Bloomberg survey. Sales rose 6% to $5.99 billion. The adjusted loss is Alcoa's first since the second quarter of 2009, when the company dealt with a slump in aluminum prices that followed the global financial crisis.
ARTICLES BY DATE
BUSINESS
January 17, 2014 | By Jerry Hirsch
Mustang versus Camaro. BMW versus Mercedes. Camry versus Accord. These are among the biggest rivalries in the automobile world. Get ready for the next epic battle: aluminum versus steel. "This has become a real competition," said Golam Newaz, an automotive materials engineer at Wayne State University in Detroit. The growing contest between the two metals was evident in the new car introductions at the North American International Auto Show in Detroit this week. Automakers are looking ahead to the stringent federal standard requiring a near-doubling of fuel economy by 2025.
Advertisement
BUSINESS
April 10, 2012 | By Tiffany Hsu
The Wall Street doomsday prophets may want to revisit their crystal balls: Metals producer Alcoa Inc.  launched the first quarter earnings parade -- which many analysts had worried would be a dud -- with a profit. The aluminum company had posted a loss in its fourth quarter, but income from continuing operations rose $287 million to $94 million, or 9 cents a share, in the first quarter due to “strong productivity growth and improved market conditions.” Year over year, however, profit plunged from the $309 million, or 27 cents a share, from the first quarter of 2011.
BUSINESS
January 9, 2014 | By Ricardo Lopez
Global aluminum producer Alcoa Inc. will pay $384 million to settle charges that its subsidiaries paid bribes to government officials in Bahrain to maintain a source of business, the U.S. Securities and Exchange Commission said Thursday. Federal regulators charged Alcoa with violating the Foreign Corrupt Practices Act after an SEC investigation found that Alcoa paid more than $110 million to Bahraini government officials to help strike a deal with state-run Aluminium Bahrain B.S.C., one of the largest aluminum smelters in the world.
BUSINESS
March 22, 2008 | From Bloomberg News
Aluminum producer Alcoa Inc. is under criminal investigation by the U.S. Justice Department over allegations the company bribed officials in Bahrain in an effort to obtain business. The U.S. submitted papers Thursday in federal court in Pittsburgh requesting permission to participate in a lawsuit filed there by the government of Bahrain containing similar allegations against New York-based Alcoa. Aluminum Bahrain, or Alba, sued Alcoa on Feb. 27, claiming the company bribed unidentified Bahraini government officials and overcharged over a period of 15 years for alumina, an ingredient used to make aluminum.
BUSINESS
October 8, 2008 | From the Associated Press
Alcoa Inc., one of the world's largest aluminum producers, reported a 52% drop in third-quarter profit Tuesday and said it would conserve cash by suspending its stock buyback program and all noncrucial capital projects. Alcoa, the first component of the Dow Jones industrial average to report earnings for the period, said results were hurt by sharply lower aluminum prices, weaker demand and a charge from curtailing production at a Texas smelter. The company reported earnings of $268 million, or 33 cents a share, for the three months ended Sept.
BUSINESS
October 8, 2009 | Associated Press
PITTSBURGH -- Alcoa says it earned $77 million in its third quarter as cost-cutting helped the aluminum producer return to profitability. It says global aluminum demand is expected to grow 11 percent in the second half of 2009. The results reflect cost-cutting by Alcoa as it tried to keep pace with lower orders from the aerospace, automotive and construction industries. Alcoa says it earned $268 million, or 33 cents per share, in the year-earlier period. Aluminum demand fell with the global economy late last year.
BUSINESS
July 10, 2009 | Associated Press
Stocks edged higher Thursday as better-than-expected results from aluminum maker Alcoa prompted some investors to put money into shares of companies that stand to benefit if a recovery takes hold.
BUSINESS
March 17, 2009 | Times Wire Reports
For the first time in more than a quarter-century, Alcoa Inc. is slashing its quarterly dividend as part of a plan to lower costs and bulk up its cash cushion amid the recession. In addition to the 82% dividend cut, the Pittsburgh aluminum maker said it expected to sell $1.1 billion worth of stock and debt and reduce annual costs by more than $2.4 billion by 2010. The announcement, made after the stock market closed, follows news in January that Alcoa plans to lay off about 13% of its global workforce by the end of 2009, further cut production and spending, and sell four of its subsidiaries.
BUSINESS
November 15, 1986 | NANCY YOSHIHARA, Times Staff Writer
TRE Corp., the target of a proxy fight launched by television producer Burt Sugarman, said Friday that it has agreed to be acquired by Aluminum Co. of America for about $330 million. The Los Angeles manufacturer of aerospace, marine and home products said Alcoa will pay $46.38 a share for TRE's 6.9 million common shares and related obligations. The sale comes less than a month before TRE's annual meeting, in which management will be challenged by Sugarman and his Giant Group.
BUSINESS
September 10, 2013 | By Andrew Tangel
NEW YORK - The stock market's all-star team has some new players. Leaving the Dow Jones industrial average is aluminum giant Alcoa Inc., computer-maker Hewlett-Packard Co. and financial behemoth Bank of America Corp. Joining the index of 30 blue-chip companies are investment bank Goldman Sachs Group Inc., payments company Visa Inc. and apparel giant Nike. The big switch happens Sept. 23. "Symbolically it's a big deal," said Jeffrey Hirsch, editor in chief of the Stock & Commodity Trader's Almanacs.
BUSINESS
October 11, 2012 | Walter Hamilton
The specter of anemic corporate earnings has put a temporary halt to the stock market's summer winning streak. The Dow Jones industrial average fell for a third consecutive day Wednesday as investors faced the prospect that quarterly profits may decline for the first time since 2009. The Dow slipped nearly 129 points, its second straight triple-digit setback, after Alcoa Inc. warned that weakened growth in China has cut into demand for aluminum. That renewed concerns that economic troubles in Asia and Europe could slice into profits of U.S. companies this year and next.
BUSINESS
July 10, 2012
Bloomberg News U.S. stocks advanced, snapping a three-day decline in the Standard & Poor's 500 Index, as European officials took steps to protect Spanish banks. Bank of America Corp. and Citigroup Inc. increased at least 1.1% as Spanish bond yields fell. Alcoa Inc., the largest U.S. aluminum producer, lost 1.7% after reporting second- quarter results. Applied Materials Inc. tumbled 2.5% after cutting its forecasts. Advanced Micro Devices Inc., the second-biggest maker of processors for personal computers, slumped 6.2% after reporting an unexpected decline in sales.
BUSINESS
April 17, 2012 | By Tiffany Hsu
Goldman Sachs had a miserable first quarter - but mainly when it comes to public relations. The firm managed to beat analysts' expectations with better-than-anticipated profit, joining a pageant of generally strong earnings reports that buoyed the stock market. The Goldman Sachs Group Inc. earned $2.1 billion, or $3.92 a share, a 23% slump from its $2.7 billion, or $4.38 per share earnings during the same quarter a year earlier, excluding a one-time cost. But the bank's performance was still better than analysts' projections of less than $3.60 a share.
BUSINESS
April 10, 2012 | By Tiffany Hsu
The Wall Street doomsday prophets may want to revisit their crystal balls: Metals producer Alcoa Inc.  launched the first quarter earnings parade -- which many analysts had worried would be a dud -- with a profit. The aluminum company had posted a loss in its fourth quarter, but income from continuing operations rose $287 million to $94 million, or 9 cents a share, in the first quarter due to “strong productivity growth and improved market conditions.” Year over year, however, profit plunged from the $309 million, or 27 cents a share, from the first quarter of 2011.
ENTERTAINMENT
April 9, 2012 | By Thomas H. Maugh II, Special to the Los Angeles Times
When Paul O'Neill took over the floundering Aluminum Co. of America in October 1987, he shocked attendees at an introductory news conference by proclaiming that his focus would not be on expanding sales or improving profitability. Rather, he said, his emphasis would be on improving employee safety. Investors at the conference thought he was crazy and rushed from the room to tell their clients to sell Alcoa stock immediately. "It was literally the worst piece of advice I gave in my entire career," one later said.
BUSINESS
July 12, 2011 | By Tom Petruno, Los Angeles Times
Wall Street is betting on another quarter of stellar corporate earnings growth to bolster stock prices, even as Europe's worsening debt nightmare threatens the global financial system. U.S. stocks have fallen for the last two trading sessions as Europe's crisis has deepened, but the damage has been limited — while markets across the Atlantic have crumbled. Many big investors say they are reluctant to sell U.S. shares because they believe the economy will accelerate in the second half of this year.
BUSINESS
January 9, 2012 | Bloomberg News
Alcoa Inc. reported its first quarterly loss in more than two years after prices tumbled for aluminum. Its fourth-quarter net loss was $191 million, or 18 cents a share, compared with net income of $258 million, or 24 cents, a year earlier, the New York company said Monday. The loss excluding restructuring costs was 3 cents a share, matching the average projection in a Bloomberg survey. Sales rose 6% to $5.99 billion. The adjusted loss is Alcoa's first since the second quarter of 2009, when the company dealt with a slump in aluminum prices that followed the global financial crisis.
BUSINESS
July 12, 2011 | By Tom Petruno, Los Angeles Times
Wall Street is betting on another quarter of stellar corporate earnings growth to bolster stock prices, even as Europe's worsening debt nightmare threatens the global financial system. U.S. stocks have fallen for the last two trading sessions as Europe's crisis has deepened, but the damage has been limited — while markets across the Atlantic have crumbled. Many big investors say they are reluctant to sell U.S. shares because they believe the economy will accelerate in the second half of this year.
Los Angeles Times Articles
|