Alcoa Corporation reports fourth-quarter 2019 net loss of US$303 million

Alcoa has posted a net loss of US$303 million in the fourth quarter of 2019 compared with a net loss of US$221 million in the third quarter of 2019.

In the fourth quarter of 2019, the Company took several actions in alignment with its strategic priorities, including taking the first steps in a multi-year portfolio review and continuing work to strengthen the balance sheet. The announced closure of the Point Comfort alumina refinery in Texas and additional actions taken on pension and other post-employment benefits were the primary drivers of the US$246 million in special items for the fourth quarter of 2019.

Excluding the impact of special items, adjusted net loss was US$57 million a sequential improvement of 30% from adjusted net loss of US$82 million, in the third quarter of 2019.

Adjusted EBITDA excluding special items fell 11% sequentially to US$346 million from US$388 million in the third-quarter of 2019. The change was primarily due to lower alumina and aluminum prices, partially offset by lower raw material prices.

Alcoa reported fourth-quarter 2019 revenue of US$2.4 billion, down 5% sequentially, due primarily to lower alumina and aluminum prices.

Alcoa ended the quarter with cash on hand of US$879 million and debt of US $1.8 billion, for net debt of US $921 million.

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