US metals company Alcoa on Monday reported a 70% drop in headline earnings, mainly owing to a 40% dip in the Alumina Price Index (API) and a 26% drop in aluminium pricing. The NYSE-listed specialty alloys maker reported adjusted earnings of $108-million, or $0.07 a share, excluding the impact of special items, for the first quarter ended March 31, beating Wall Street analyst expectations by $0.05 a share.
