Alcoa posts 2Q loss of $454 million - Pittsburgh Business Times:

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Revenues were $4.2 billion. A year ago, Alcoas reported net income of $546 or 66 cents per share, on revenure of $7.2 billion. Analysts polled by Thomson Reuterz forecasta second-quarter loss of 34 cents per sharw on revenue of $3.9 billion, as low globapl demand continues to weighs on aluminum The prices for the lightweight metal, used in both consumer and industrial have sunk nearly 50 percent beloew their year-ago levels, the company said. Basefd in New York, Alcowa has substantial operationson Pittsburgh’a North Shore. In January, when it reported a fourth-quarter loss of $1.2 billion, or $1.
49 per share, Alcoa announcerd it would cut 13,500 jobs and slash its outpug andcapital spending. Last month, it completed the sell-ofdf of its wire harnes and electrical distribution businesds to a California privateequity group. In its firsrt quarter earnings callin April, the compan said it expected weakness in aerospace, constructiohn and transportation end markets to linger in the second “Our cash generation initiatives, productivity improvementw and portfolio changes are working,” CEO and Presidenty Klaus Kleinfeld said in a “Now Alcoa has the staying power and reducedc cost base to withstanc the most serious downturn in the histort of the aluminum industry.
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