More from the Australian this...

More from the Australian this morning:
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ALCOA swung to a fourth-quarter profit, the aluminium producer said overnight as the US reporting season unofficially kicked off.
The return to black came as Alcoa posted higher prices for its prime alloy.

The bottom line topped analysts' expectations, although sales growth wasn't as strong as Wall Street had expected. Shares were halted in after-hours trading.

Prices for aluminium, which is used in a broad array of products, have jumped significantly since July, boosting sales levels for makers of the alloy, including Alcoa. Analysts expect new housing starts and car sales will continue to climb this year, trends that will support the aluminium market, although there are some concerns about rising energy costs.

Meanwhile, Alcoa last week announced plans to restart idled potlines at three aluminium smelters, a move that it said will create about 260 new jobs and increase production. Alcoa had cut thousands of jobs during the downturn.

Chairman and chief executive Klaus Kleinfeld said the company sees 2011 aluminium rising another 12 per cent on top of last year's 13 per cent improvement. He said the company is ?well positioned to outpace the recovery? and noted Alcoa projects global demand for aluminium would double by 2020.

Alcoa posted a profit of $US258 million ($259.1m), compared with a $US277m loss one year ago. The latest period included a gain of US3 cents from tax benefits and other impacts, while the year-earlier period included a US28c charge related to restructuring and other items. Sales grew 4 per cent to $US5.65 billion.

Alcoa's average realised price for aluminium increased 17 per cent after rising 1.4 per cent a year earlier. Shipments of aluminium products dropped 15 per cent but climbed 4.9 per cent from the third quarter.



http://www.theaustralian.com.au/business/mining-energy/alcoa-placed-to-outpace-recovery-amid-us258m-profit/story-e6frg9df-1225985397800