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11.06.26 - 13:54
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Alcoa Plunges Most In Year After CFO Warns Alumina Unit "Will Be Underwater" Amid Hormuz Disruption (ZeroHedge)
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Alcoa Plunges Most In Year After CFO Warns Alumina Unit "Will Be Underwater" Amid Hormuz Disruption
Alcoa shares in New York were hammered the most in over a year on Wednesday after CFO Molly Beerman warned investors that the company's alumina segment faces heavy losses from the energy shock and ongoing disruption at the Hormuz maritime chokepoint.
Beerman was blunt with investors while giving a presentation at the Wells Fargo Industrials & Materials Conference.
She said, "Our alumina segment is very pressured right now," adding, "The segment as a whole will be underwater."
Beerman said the unprofitability in the alumina segment stems from a toxic cocktail of soaring energy costs, supply disruptions in the Gulf region, and LNG disruptions in Western Australia following Cyclone Narelle.
Alcoa's alumina refineries are heavily exposed because they rely on fuel and electricity, and typically ship material to aluminum smelters in the Persian Gulf.
Alcoa's alumina re...
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05.06.26 - 14:21
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Announcement from Eimskip (GlobeNewswire EN)
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Today Reykjavík District Court dismissed Alcoa Fjarðaál sf.'s second tort case against Eimskipafélag Íslands hf., Eimskip Ísland ehf., Samskipum hf., og Samskip Holding B.V....
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