Alcoa cuts adjusted EBITDA forecast citing tariffs, shares slide 7:12pm EDT [Reuters]
Alcoa Corporation (AA)
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Source: Reuters
Alcoa cuts adjusted EBITDA forecast citing tariffs, shares slide | Reuters Reuters Staff 2 Min Read (Reuters) - Aluminum producer Alcoa Corp lowered its forecast for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for 2018 on Wednesday, citing U.S. tariffs on imported aluminum and rising energy costs. The company’s shares fell 2 percent in after-market trading, dragging shares of rival Century Aluminum Co down 1 percent. Alcoa now expects adjusted EBITDA to range between $3.0 billion and $3.2 billion, compared to its previous forecast of $3.5 billion to $3.7 billion. U.S. President Donald Trump imposed tariffs of 25 percent on imports of steel and 10 percent on aluminum on countries including Canada and Mexico and the European Union that went into effect in June. Alcoa said the tariffs led to an extra $15 million in costs in the reported quarter that were mainly levied on aluminum imported from Canada, its biggest supplier. The company operates 3 smelter
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