The largest aluminum producer in the country is posting a second-quarter profit. Alcoa reported a net income of $136 million, or 13 cents per share, for the quarter ended June 30th. That’s a huge turnaround from a loss of $454 million, or 47 cents a share, a year ago. Revenue went from $4.24 billion to $5.19 billion.
Alcoa, which has a plant in Riverdale in eastern Iowa, says more demand helped offset a 1 percent drop in aluminum prices. Chairman and CEO Klaus Kleinfeld also says demand for more fuel-efficient cars and trucks presents an opportunity for the company.
By Phil Roberts, Davenport