Alcoa (www.alcoa.com) — the world’s biggest aluminium company — reports growing demand for its aerospace and automotive operations. It recorded a net income of $195 million for the three months to the end of March, compared with a loss of $178 million for the same period of last year.

Its quarterly revenues increased by 6.7% to $5.82 billion, below the $5.94 billion predicted by Wall Street analysts.

The group also got a boost from its smelting division, which reported earnings of $187 million, compared with a $15 million loss a year ago. It cited “favourable foreign currency exchange rates, lower energy costs in Spain
and productivity improvements” as factors improving the smelting business.

Alcoa typically sells its aluminium in dollars, but it makes much of the metal outside the USA, allowing it to
benefit from lower costs as foreign currencies depreciate. The group’s global rolled-products division, which makes sheet metal for the automotive and tin-can industries, reported earnings of $34 million, down 42% compared with a year ago.