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The parent of Australia’s Alcoa (ASX:AAI), Alcoa Incorporated (NYSE:AA) has forecast aluminium demand will rise as it delivered fourth quarter earnings in line with expectations.
Unofficially kicking off the US reporting season the aluminium giant has reported fourth quarter net income of $US242 million, rebounding from a net loss of $US191 million the year before.
The quarterly result was aided by a 12 per cent reduction in costs which helped to offset a fall in aluminium prices.
The company has forecast demand for the metal will increase by 7 per cent this year and says it has entered 2013 in a strong position to maximise profitable growth.
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$46.93 |
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| Open | High | Low | Value | Volume |
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| AAI (ASX) Chart |