Market Chatter: Alcoa Shares Fall After CFO Warns of Unprofitable Alumina Business

MT Newswires Live

Jun 11

Alcoa (ASX:AAI) shares fell past 8% in recent Thursday trade after the company's CFO warned that its alumina unit will be "underwater" due to losses caused by energy disruptions and the blockage of the Strait of Hormuz.

Speaking during a presentation at the Wells Fargo Industrials & Materials Conference, Alcoa CFO Molly Beerman said the alumina business "is very pressured right now" and will be unprofitable in the current quarter as a result of elevated production costs, Bloomberg reported.

Alcoa's alumina refineries usually ship the material to aluminum smelters in the Persian Gulf, where refineries consume large volumes of fuel and electricity.

Beerman said the company now anticipates a further $15 million of fuel costs at its São Luís refinery in Brazil, and also faces about $30 million of higher production costs at a refinery in Western Australia, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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