Alcoa Corporation posted better-than-expected results in the fourth quarter of 2020.

The biggest producer of aluminium in the US reported a net loss of $4 million, or $0.02 per share, in the fourth quarter 2020, an improvement from the net loss of $49 million, or $0.26 per share, in the third quarter 2020.

The company projects, however, that it will ship 2.7 million to 2.8 million metric tons of aluminium this year, down from the three million tons it shipped in 2020.

There was positive news too as quarterly production records were set in the Bauxite segment and the Western Australian alumina refining portfolio.

There was $38 million in cash generated from operations after making a $250 million contribution to US pension plans.

Alcoa’s cash balance was at $1.6 billion as of December 31, 2020.

“In a very challenging year, we set multiple production records, exceeded our goals for cash management, and made significant progress on our multi-year strategy,” said Alcoa President and CEO Roy Harvey. 

“We had a very solid fourth quarter, and the work we accomplished in 2020 positions us well to capture the benefits of an improved market.

“The performance of employees across Alcoa, even throughout these unprecedented times, shows that our strategies are bringing positive results across the business.

“As we progress into this new year, we will focus first on keeping our employees safe as we continue to execute on our strategy, including leveraging our industry-leading practices for a world that is demanding sustainable solutions that we are uniquely qualified to provide.”

Read the full reports from the fourth quarter and full-year 2020 result here.

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