On Thursday, shares of Alcoa (NYSE:AA) are trading 10 per cent lower in pre-market after the aluminum business reported weak Q3 results. Reportedly, Alcoa posted a loss per share of USD 0.33, a significant miss relative to the market consensus of a profit per share of USD 0.19. Revenue for the quarter came in at USD 2.85 billion versus the consensus estimate of USD 3.01 billion.

The adjusted EBITDA dropped 71 per cent, led by the 75 per cent drop in the company’s biggest business unit – Aluminum. Alcoa reported that Aluminum production fell nearly 9 per cent to 497,000 metric tons, while third-party shipments fell 14 per cent YoY.

For the full year, Alcoa now sees Alumina shipments between 13.1 million and 13.3 million metric tons, down from the prior 13.6 million and 13.8 million. Aluminum shipments are now seen between 2.5 million and 2.6 million metric tons.

Founded by Charles Martin Hall in 1888, Alcoa Corporation (short of Aluminum Company of America) is the world’s eighth-largest producer of aluminum. Headquartered in Pittsburgh, Alcoa conducts operations in 10 countries and is a major producer of primary aluminum, fabricated aluminum, and alumina combined.