Australia's Alumina slumps on JV partner Alcoa's dismal outlook

Alumina

19/01/2023 03:41

** Shares of Alumina Ltd  AWC.AX  drop up to 8% to A$1.565,
set for their worst day since July 8, 2020, if losses hold
    ** Aluminium producer's joint venture partner Alcoa Corp's
 AA.N  Q4 results on Wednesday disappointed, shares fell 2.6%
    ** Alcoa forecast lower alumina shipments in 2023 due to
economic uncertainties and decline in alumina and aluminium
prices 
    ** Alcoa warned of higher raw material, energy and
production costs impacting product pricing
    ** Last week, Alcoa cut output at its partially-owned
Kwinana alumina refinery in Western Australia by 30% due to a
shortage of gas supply
    ** AWC shares hit lowest since Jan 10, third top loser on
the ASX 200 benchmark index  .AXJO 
    ** AWC fell 18.5% in 2022
 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))