Aluminium producer Alcoa reported a net loss of $402 million in its 2019 second quarter results on Wednesday July 17.
A majority of the net loss stems from its $319 million special item divestiture of Alcoa's 25.1% stake in the Ma'aden Rolling Co in Saudi Arabia. The company incurred an additional loss of $81 million in other special items as well. "We successfully divested our minority interest in the Saudi joint venture rolling mill, and we made significant progress on other initiatives to reduce losses and increase company profits," Alcoa president and chief executive officer Roy Harvey said. Excluding special items, the company reported an adjusted net loss of $2 million. The company expects to incur more costs throughout the rest of 2019. After reaching two new competitive labor agreements at its Aluminerie de Becancour (ABI) smelter in Quebec, Canada, Alcoa said it expects to record restart expenses ranging between $30 and...