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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/07/2008 : 17:25:58
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Alcoa Profit Falls by Half as Aluminum Demand Slumps (Update2)
By Dale Crofts
Oct. 7 (Bloomberg) --
excerpt-
Alcoa Inc., the largest U.S. aluminum producer, said third-quarter profit fell by more than half because of lower prices, slumping demand in North America and costs to shut down a Texas smelter.
Net income dropped to $268 million, or 33 cents a share, from $555 million, or 63 cents, a year earlier, New York-based Alcoa said today in a statement. Profit a year ago was boosted by a 25 cent-per-share gain after the company sold a stake in Aluminum Corp. of China. Sales fell 2.1 percent to $7.23 billion.
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Aluminum Demand Slumps
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