Business

Alcoa misses profits forecasts as aluminium prices fall

A workers checks stocks of aluminium at Alcoa's plant in Portovesme on the Italian island of Sardinia
Image caption Aluminium prices fell in the third quarter

Despite a sharp rise in profits, US aluminium-maker Alcoa has announced quarterly results that fell well short of analysts' expectations.

Net income for the three months to the end of September was $172m (£110m), compared with $61m a year earlier. Sales rose 21% to 6.42bn.

However, lower aluminium prices and weaker demand in Europe meant profits fell sharply from the previous quarter.

Alcoa shares lost ground in after-hours trading as a result.

Chief executive Klaus Kleinfeld said the uncertain economic outlook was affecting aluminium prices.

"With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded," he said.

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