Business News
Alcoa says sales are down 41 per cent
Jul 8, 2009, 21:28 GMT
New York - Alcoa Inc, the largest US aluminum producer, reported Wednesday second-quarter losses that were narrower than had been expected, but said sales had declined 41 per cent from the same period last year.
Net losses were 454 million dollars compared with net income of 546 million dollars in the same period last year, the New York-based company said.
The company shaved some losses by cutting production and workforce, Bloomberg financial news service reported.
Sales were down 41 per cent to 4.24 billion dollars.
Chief Executive Officer Klaus Kleinfeld was optimistic about the company's strategy.
'Alcoa has the staying power and reduced cost base to withstand the most serious downturn in the history of the aluminum industry,' he said in a statement.
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