Alcoa Corp., a leading aluminum producer in the US, posted its revenue of US$2.67 billion in the first quarter of 2023, sliding by 19% compared to the same period a year ago, due to higher prices in alumina and aluminum operations offset by decreased shipments.
During the period, the net loss was US$231 million, compared to a net profit of US$469 million in the year-ago period.
In the first quarter, Alcoa’s aluminum production kept stable year on year at 518,000 tons, and alumina production fell by 9% quarter on quarter to 2.8 million tons.
Alcoa maintained its aluminum production guidance for 2023 and expected the total alumina and aluminum shipments to keep unchanged at 12.7 million-12.9 million tons and 2.5 million-2.6 million tons, respectively.
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