Alcoa CEO explains why aluminum tariffs are hurting, not helping

Investors who thought the tariffs imposed by the Trump administration would help U.S. aluminum producers can think again—Alcoa Corp. says they actually hurt.

Alcoa reported late Wednesday second-quarter earnings and revenue that rose above expectations, but lowered its outlook for adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), citing factors such as current market prices and tariffs on imported aluminum.

The stock AA, -13.34% plunged 13.3% to a seven-month low in afternoon trade, enough to pace all the decliners listed on the New York Stock Exchange. Volume swelled to 19.9 million shares, or more than seven-times the full-day average, according to FactSet.

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