Aleris International Inc. has reported a fourth-quarter profit compared to a huge year-earlier loss, which reflected restructuring and asset impairment charges and interest expenses that the company incurred before emerging from Chapter 11 bankruptcy proceedings last June.
The producer and recycler of aluminum products said its net income in the latest fourth quarter totaled $42 million. In the fourth quarter of 2009, Aleris posted a net loss of $759 million.
Aleris said its net income excluding various special items was $48 million in the latest fourth quarter versus $34 million in the fourth quarter of 2009.
Sales at Aleris rose 26%, to $1.06 billion from $840 million.
"Our fourth-quarter results demonstrate the benefits associated with our successful restructuring initiatives and the continued momentum of the economic recovery,” Steven J. Demetriou, Aleris chairman and CEO, said in a statement.
“This is particularly true in our European rolled products and extrusions businesses, as well as our recycling and specification alloys businesses in both the Americas and Europe, where higher volumes and improved pricing led to significant performance improvements. We ended 2010 well-positioned to capitalize on our strategic growth initiatives led by our announced expansions in China, as well as expected continued benefits from the recovery."
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