Pittsburgh-based aluminium producer Alcoa Corporation moved to a loss in its second quarter and reported a drop in net sales as a result of lower aluminium prices.

For the three months ended 30 June, net revenues amounted to US$2.68 billion, down from $3.64bn a year earlier. Alcoa cited higher shipments in both the alumina and aluminium segments, which partially offset lower prices for alumina and aluminium of 2% and 5%, respectively.

Shipments in the third-party alumina segment were up 11% thanks to increased trading. Aluminium total shipments increased 4%. Aluminium production, meanwhile, dropped 7% to 2.6 million tonnes.

Alcoa posted a net loss of $102m against earnings of $549m a year earlier. Recorded adjusted EBITDA, excluding special items, was lower at $137m compared to $913m in the second quarter of last year.

“While we saw lower pricing during the second quarter, our global teams have worked to address short-term challenges and drive operational improvements,” said Alcoa president and chief executive Roy Harvey. “We expect to see financial improvement in the third quarter of 2023 as the Alumina and Aluminum segments are both forecast to have reduced costs for raw materials and production.

“For the first half of the year, we’ve kept up with solid demand for value-add aluminium products, which gives us access to a variety of end-use markets. As we look forward, we continue to be excited for the future because aluminium is a critical material, and we offer low-carbon solutions for our customers through our Sustana family of products.”