Profits soar at aluminium giant

One of the world's biggest aluminum producer, Alcoa, said net income for the quarter had more than doubled, boosted by higher prices for the metal.

The Pittsburgh-firm reported first-quarter net profit of $355m(£192.7m), up 135.1% from the year-ago quarter.

"Demand for aluminum fabricated products was the highest in three years, driving prices higher," said Alain Belda, Alcoa's chief executive.

The stock closed at $36.50, but dipped to $34.75 in early after-bell trading.

The drop came as earnings-per-share fell slightly short of Wall Street's consensus.

Alcoa provided an upbeat outlook for aluminum prices in the second quarter.

On a year-over-year basis, the alumina, aluminum, and flat-rolled products segments have all benefited from robust pricing.