Published Jan. 9, 2013
Alcoa reported lower year-over-year income and revenues for 2012, the company announced Tuesday.
The company, which operates an aluminum smelter in Berkeley County, reported revenue of $23.7 billion, a decline of 5% compared to 2011, and income of $191 million, down from the $611 million reported in 2011.
Falling aluminum prices affected the company’s numbers, and prices fell 12% year-over-year, equating to about $1 billion in market impact, according to Alcoa.
“Alcoa hit record profitability in our mid- and downstream businesses, and continued to drive efficiency in our upstream businesses in the fourth quarter, all while cutting debt and maintaining our cash position,” said Klaus Kleinfeld, Alcoa chairman and CEO, in a news release. “We overcame volatile metal prices and global economic instability to deliver on our targets for the fourth year in a row. We enter 2013 in a strong position to maximize profitable growth.”
Alcoa sees aluminum demand growing by 7% during 2013 as part of a projected doubling of aluminum demand between 2010 and 2020. Demand grew 10% in 2011 on top of 13% growth in 2010.
Contact Matt Tomsic at 843-849-3144.