As workers at the company’s smelting operation in Massena and others around the world wait to see whose work is going to be curtailed, Alcoa posted a profit for the first quarter of this year. The …
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As workers at the company’s smelting operation in Massena and others around the world wait to see whose work is going to be curtailed, Alcoa posted a profit for the first quarter of this year.
The world’s biggest aluminum maker reports $195 million profit on $363 million in revenue January through March, while it lost $178 million in the first quarter last year, according to an announcement from the company Wednesday.
First quarter 2015 revenues rose 7 percent to $5.8 billion, from $5.5 billion in first quarter 2014.
Its smelting division, which the company has said it will downsize, accounted for $187 million of the quarter’s profits, after a $15 million first quarter loss last year.
Alcoa announced early in March that they are conducting a companywide review that could lead to plant closures.
The community is also awaiting Alcoa’s plans for a proposed $600 million modernization project In Massena at its idled east plant, formerly a Reynolds Metals facility, which was closed by Alcoa a year ago.
Two weeks ago, New York U.S. Sen. Charles Schumer said Alcoa CEO Klaus Kleinfeld told him that the company was committed to its operations in Massena.
“I spoke directly with Alcoa CEO Klaus Kleinfeld, and I feel very confident that Alcoa remains deeply committed to its workforce levels and smelting capacity at Massena, despite the down market for aluminum right now and Alcoa’s global reduction of smelting capacity,”Schumer said. “This is due in large part to the wise investment we forged to provide the plant with a steady supply of clean and affordable power, not to mention a sensible and balanced agreement with EPA regarding the clean-up of the Grasse River.”
In its report, the company said its primary metals division had an after-tax operating income $202 million in the last year, and the company is projecting 6.5 percent growth this year.
“Given final 2014 worldwide aluminum demand, Alcoa has upwardly revised its view of global aluminum demand growth in 2014 to 9 percent, an increase from the prior forecast of 7 percent. This results in global consumption of 54 million metric tons, or 1.2 million metric tons higher than previously forecast. Alcoa continues to project further robust global aluminum demand growth in 2015 of approximately 3.5 million metric tons, equaling 6.5 percent growth and reaching a new record high of 57.5 million metric tons,” the company report said.