Alcoa reports ATOI $98 mln in Q4 2015 despite 24% alumina price decline

Lightweight metal major Alcoa reported fourth-quarter and full-year 2015 results yesterday. Despite lower alumina and aluminium prices, the Upstream verticals remained profitable.

In the face of a 24 percent alumina price decline, after tax operating income (ATOI) was $98 million in the fourth quarter, down $114 million sequentially from $212 million and $80 million lower year-over-year from $178 million. Sequentially, cost reductions slightly offset the impact of lower pricing related to both the Alumina Price Index and London Metal Exchange-based contracts and unfavorable foreign currency movements.

Adjusted EBITDA per metric ton decreased $38 from third quarter 2015 to $57 in fourth quarter 2015 and decreased $28 year-over-year.

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