Aluminum miner Alcoa (AA-N) has reported a loss of US$497 million in the first quarter of 2009, on revenues of US$4.1 billion. Those revenues were sharply lower than those recorded last year: revenues for the fourth quarter of 2008 were US$5.7 billion, while revenues for the first quarter of 2008 were US$7 billion.
Alcoa blames the losses on the impact of the economic downturn on its core industrial and commercial markets: automotive, transportation, building and construction, and aerospace.
The lower demand caused metal prices to fall US$558 per ton on the quarter, a 26% decline, or 60% lower than prices last summer.
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