New York: Aluminium company Alcoa cut its full-year profit forecast, due in part to Trump administration tariffs, sending shares lower in after-hours trading. Alcoa now expects operating earnings of between $3 billion and $3.2 billion, $500 million below the prior range estimated.
The reduction in outlook is due to “current market prices, tariffs on imported aluminium, increased energy costs, and some operational impacts,” said Alcoa, which imports aluminium from Canada. The Trump administration announced tariffs on imported steel and aluminium earlier this spring and later removed an exemption on Canada, Mexico and the EU at the end of May. — AFP
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