Alcoa’s alumina revenues fell by 21% in 2008, due in part to its curtailed production, but also due to a 35% decline in aluminum prices in the quarter and a 56% aluminum price decline in the last five months, which drove a total loss of $929 million for the fourth quarter.
In response to price and demand drops, CEO and president Klaus Kleinfeld says Alcoa “curtailed production to adjust to weakened demand, reduced global headcount, and achieved significant savings in key raw materials.”
Alcoa affirmed its previously announced “wide-ranging measures to address the economic downturn” should work to equalize supply with prices. The company has already cut 15,000 employees and instituted a salary and hiring freeze, according to its financial report.
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