Tag: $Alcoa

Shares in U.S. aluminum giant Alcoa jumped in Australia on Monday after two Middle East aluminum makers reported being hit by Iranian attacks, intensifying concerns about supply disruptions from the ongoing conflict there.

Alcoa Corp. shares jumped as much as 10% in late trading as strong alumina prices boosted quarterly earnings to the highest in more than two years.

Alcoa has agreed to sell its 25.1% stake in a joint venture with Saudi Arabian Mining, the state-owned mining company better known as Ma’aden, to Ma’aden in a deal valued at about $1.1 billion.

Alcoa expects to swing to a second-quarter profit as higher average third-party prices offset a decrease production and lower alumina shipments.

Alcoa posted a wider loss in the first quarter after lower aluminum prices and higher production costs dented results.

Alcoa offered to buy out an Australian aluminum partner for $2.2 billion, increasing its weight in the global markets for alumina and bauxite—raw materials used for making aluminum.

Alcoa reported better-than-expected fourth-quarter numbers, lifting the aluminum producer’s stock.