The combination of operating efficiencies and higher prices resulted in the strongest quarter Alcoa has ever had, |
The fourth quarter has proven to be extremely challenging as a result of lower volumes, depressed metal prices, and overall weak downstream markets. |
This recognition supports our reputation as a company that has strong values at its core. Our values guide us in how we treat our employees, stakeholders, customers and community. It is critical to the long-term success of Alcoa. |
This venture deepens our investment in expanding our flat-rolled products capabilities globally and increases our manufacturing flexibility and productivity. |
We are experiencing the bottom-line impact of productivity improvements and the elimination of waste, |
We are focused on managing what is under our control, |
We are not satisfied with these results, ... We are confident that the restructuring of our primary and fabricating businesses, coupled with our continued focus on implementing the Alcoa business system and our commitment to grow the company, will enable us to resume sustainable savings and profitable growth in 2002 and beyond. |
We have an aggressive productivity program, but it has not offset the impact of escalating costs in energy and raw materials and the speed at which they are flowing through. |
While we are not pleased with the short term impact the labor issues have had on our bottom line, our actions are aimed at enhanced global competitiveness of our North American operations, |
While we are still fighting inflationary pressures, cost increases have slowed from last year, and our restructuring and efficiency initiatives have helped strengthen profitability. |
With the competitive and efficient energy source, the access to skilled labor, and efficient proximity to alumina supplies and customers, the Trinidad smelter will be ideally placed to compete for its share of the world market in primary aluminum. It also creates a solid foundation for the development of an integrated aluminum industry to further diversify and strengthen the economy of Trinidad and Tobago. In terms of technology, design, and environmental performance, this will be a world-class facility. |