Alcoa's last quarter's output was lower than expected, aluminum supply shortage throughout the year
Alcoa reported its first-quarter results, which were worse than market expectations. At the same time, we will fine-tune the forecasted demand for alumina and aluminum market demand this year, but the overall view remains unchanged.
Alcoa disclosed a net loss of $199 million in the first quarter and a profit of $195 million in the same period last year. The adjusted loss per share was 23 US cents, and revenue fell from $3.1 billion to $2.7 billion. Analysts forecast a loss of 13 US cents. 2.8 billion US dollars.
Alcoa pointed out that alumina and aluminum prices were weak during the period, but efforts have been made to improve the business environment. At the same time, the Group maintained its oversupply of the alumina market in the year and the forecast of oversupply in the aluminum market remained unchanged. However, the Group expects the aluminum shortage to range from 1.5 million to 1.9 million tons instead of 1.7 million to 2.1 million tons at the end of last year. As for alumina, the Group's latest estimate is over 200,000 to 1 million tons.
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