Alcoa Raises Profit Outlook as Tariffs Lift Aluminum Prices
Pittsburgh-based company reported 14% increase in third-quarter revenue
Alcoa Corp. said higher U.S. aluminum prices from a tariff on imports and rising sales of the raw materials needed to make aluminum improved its revenue in the third quarter and drove up its profit outlook for the year.
The Pittsburgh-based company on Wednesday reported a 14% increase in third-quarter revenue thanks to higher aluminum prices, more efficient operations and sharply higher sales of the aluminum oxide needed to make aluminum. Alcoa’s shares were up 3.8% at $38.10 in after-hours trading.
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