News: Alcoa books steep loss

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Alumina Limited (ASX:AWC) partner Alcoa has posted a sharp loss in the second quarter on restructuring costs but says the global outlook for aluminium is positive.

 

For the three months to June 30, Alcoa posted a loss of $US119 million, a massive fall compared to the the $US2 million loss it booked in the previous corresponding period.

 

The result included a $US42 million charge on the closing of the two Soderberg potlines at its smelter in Québec, and a $US34 million charge taken on the looming closure of its Fusina smelter in Italy.

 

Alcoa says it expects global aluminium demand to pick up by 7 per cent this year.

 

Despite the loss, the group's core earnings increased.

 

Alumina posted a net loss of $60 million in its 2012 financial year.