Aleris International Inc. reports that its fourth-quarter earnings fell by half from a year earlier, largely because of the impact of losses on derivative financial instruments in the latest fourth quarter.
The producer and recycler of aluminum products said its net income in the quarter tumbled to $20 million from $42 million in the fourth quarter of 2010. Aleris said its net income in the fourth quarter of 2011 was hurt by $24 million of non-cash, mark-to-market losses on derivative financial instruments, while net income in the year-earlier period benefited from $8 million of gains.
Revenues at Aleris were flat, at $1.06 billion in both periods.
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