(AOF) – Pennsylvania-based aluminum maker Alcoa said it lost $374 million, or $2.12 per share, in the fourth quarter, compared with a loss of $392 million a year earlier. Alcoa’s total revenue from third parties decreased 7% from the prior quarter to $2.7 billion, primarily due to lower alumina and aluminum prices, higher raw material costs (mainly caustic soda and carbon) and the sequential increase in production costs.
Adjusted net loss was $123 million, or $0.70 per share. Adjusted EBITDA excluding special items was $29 million, down from the prior quarter.
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An ecological transition that drives metal prices
The ecological transition is driving demand and driving up prices. Thus lithium prices jumped 100% last year, supported by sales of electric cars. The needs for metals such as aluminum, copper, graphite, or nickel should soar by 2050. The war in Ukraine has reinforced the rise in prices because Russia is a major producer of mineral raw materials , in particular aluminium, palladium, nickel and titanium. The International Energy Agency (IEA) recently warned of the risk of a shortage of several metals necessary for the energy transition. Europe has mobilized on strategic metals with the aim of strengthening its sovereignty.