Allstate slides after announcing an expected increase in catastrophe losses for its fourth quarter due to winter storm Elliott. Read More...
American City Business Journals
Alcoa swings to loss, makes changes to leadership team
Pittsburgh-based Alcoa Corp. swung to a loss in the full-year 2022 with higher raw material and production costs as well as slower sales in the first half and restructuring costs. Alcoa (NYSE: AA) lost $103 million, or 57 cents a share, in 2022 compared to profit of $429 million, or $2.26 a share, in 2021. Alcoa said there were also $696 million in restructuring charges, mostly a non cash pension settlement charge, as well as $217 million for a valuation allowance on deferred tax assets.
