Alcoa reports $497M loss in 1Q on lower prices

In a bleak start to the earnings season, Alcoa Inc. reported a quarterly loss of $497 million, as the stumbling global economy continued to erode prices and demand for the aluminum maker's products.

The Pittsburgh-based company, the world's third-largest aluminum maker, said Tuesday it expects further industrywide production cuts as demand for the lightweight metal is expected to remain weak in the coming months, according to an April 8 AP report in USA Today.