Alcoa reports $497 million loss on lower prices
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PITTSBURGH — Alcoa Inc., the largest U.S. aluminum producer, said Tuesday that it lost $497 million in the first quarter as the global economic crisis continued to erode prices and demand.
The quarterly loss was Alcoa’s second in a row and underscored the deterioration of aluminum-intensive industries such as autos and construction.
Alcoa, which is the first blue-chip company to report earnings for the quarter and is considered a bellwether of the earnings season as a whole, said its quarterly revenue dropped 44% to $4.15 billion.
Alcoa lost 61 cents a share in the quarter that ended March 31, compared with a gain of $303 million, or 37 cents a share, a year earlier.
Alcoa shares fell 12 cents to close at $7.79.
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