March 15, 2017
 
Aleris Posts 2016 Loss

Aleris Corp., Cleveland, reported a net loss of $76 million in 2016, reversing the $49 million in earnings posted in the prior year. Net sales totaled $2.66 billion, an 8.9 percent decrease from 2015. The full-year losses for the aluminum rolling mill were a byproduct of challenging metal spreads and unfavorable currency values, offsetting strong volume gains in both aerospace and automotive, the company said.

In the fourth quarter, Aleris reported a net loss of $35 million, compared with a loss of $13 million in the same period in 2015. Net sales for the quarter declined 3.8 percent to $613 million due to weaker demand from distributors and aerospace, which offset stronger building and construction activity.

"Our solid fourth-quarter performance across all regions, combined with the significant progress we've made on our strategic growth initiatives, gives us momentum in 2017," said Sean Stack, Aleris chairman and CEO. "Our China facility doubled its aerospace volumes over the past year and contributed positively to our results, while our Lewisport automotive expansion is on track to hit key milestones and begin serving customers later this year. We are also encouraged by additional volume from our global aerospace customers, which will provide a strong base for long-term growth."

Aleris executives expect income in the North America segment to improve this year as stronger demand, a favorable scrap spread and productivity savings should more than offset the effects of a planned outage this summer to complete additional upgrades at the company’s Lewisport hot mill.

The previously announced merger agreement with China’s Zhongwang USA remains on target, executives said. The company expects the deal to be finalized by the end of the first quarter.


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Thursday, October 19, 2017