English: HABS No. PA-6724-2. View of entrance to ALCOA Building from southwest. ALCOA Building (a.k.a. Regional Enterprise Tower), 425 Sixth Avenue, Pittsburgh, Allegheny County, Pennsylvania. Entrance pavilion built of glass and aluminum. Design by Harrison and Abramovitz. (Photo credit: Wikipedia)
Alcoa today reported a small profit in the third quarter, saying productivity improvements offset lower sales and falling aluminum prices.
The company said it earned $24 million, or 2 cents per share, on sales of $5.77 billion vs. a loss of $143 million, or 13 cents per share, and sales of $5.83 billion in the year-ago quarter.
The results included $109 million in after-tax restructuring charges related to shutting down smelters in the face of a glut in aluminum supply. Alcoa said it has idled 274,000 metric tons of high-cost capacity in the last five months.
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