Bloomberg reported that Fitch Ratings has cut Alcoa Inc.'s (NYSE:AA) credit grade from BBB- to BB+, one level below investment grade. The firm "sees Alcoa’s total debt remaining more than 2.5 times its earnings before interest, taxes, depreciation and amortization."
Aluminum Company News Directory
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF), a cleantech company currently commercializing its high-purity alumina process, released a general update on previously announced financing activities.
Novelis Inc. announced that Red Hare Brewing Co. will be the first customer for its evercan, a beverage can made mostly of recycled aluminum.
Alcoa Inc. (NYSE:AA) announced its results for the first quarter of 2014, commenting that it recorded a net loss of $178 million, or $0.16 per share. That includes $276 million worth of "special items largely tied to smelter and rolling mill capacity reductions."
Gulf News reported that Abu Dhabi's Mubadala Development Co. and Investment Corp. of Dubai have officially incorporated Emirates Global Aluminium (EGA), a jointly owned aluminum company created by merging both entities' interests.
Privately held Aleris International Inc. announced the completion of its acquisition of Nichols Aluminum LLC, an aluminum sheet producer.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its unaudited Condensed Consolidated Interim Financial Statements for the quarter and the nine month period ended September 30, 2013. The Company reported a decrease in loss before net finance income and income and mining taxes of $2.8 million (56%) compared to the previous quarter in 2013.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed a preliminary short form prospectus of up to $16 million in Units comprised of Convertible Unsecured Debentures and Share Purchase Warrants of the Company. Orbite Aluminae also secured a binding subscription commitment for $40 million in additional Units in additional funding from Crede Capital Group, who has also agreed to purchase $10 million of Units under the Offering.
Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) provided an update on its ongoing financing initiatives. Its Short Form Prospectus dated July 15, 2013 has since expired and was not renewed or extended by the Corporation.