January 17, 2018 / 9:33 PM / 5 months ago

BRIEF-Alcoa Corp Q4 Loss Per Share $1.06

* ORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS

* Q4 REVENUE $3.2 BILLION VERSUS I/B/E/S VIEW $3.3 BILLION

* Q4 EARNINGS PER SHARE VIEW $1.26 — THOMSON REUTERS I/B/E/S

* - QTRLY ALUMINA PRODUCTION 3,331 KMT VERSUS 3,295 KMT

* SAYS INVENTORIES AT QUARTER END WERE $1,453 MILLION VERSUS $1,323 MILLION AT Q3 END

* - ‍COMPANY ANNOUNCES FREEZE OF U.S. AND CANADA SALARIED DEFINED BENEFIT PENSION PLANS, EFFECTIVE JANUARY 1, 2021​

* - BASED ON JAN. 2018 MARKET ASSUMPTIONS, PROJECTING FULL-YEAR 2018 ADJUSTED EBITDA, EXCLUDING SPECIAL ITEMS, TO BE $2.6 BILLION TO $2.8 BILLION

* - ‍ANNOUNCES CHANGES TO U.S. AND CANADA DEFINED BENEFIT PENSION PLANS, AND TO CERTAIN U.S. OTHER POST-EMPLOYMENT BENEFITS​

* - “INFORMED SALARIED EMPLOYEES IN UNITED STATES AND CANADA OF UPCOMING CHANGES TO THEIR RETIREMENT BENEFITS”

* - FOR 2018, CO PROJECTS BALANCED GLOBAL BAUXITE, ALUMINA MARKETS AND A GLOBAL ALUMINUM DEFICIT OF 300 THOUSAND TO 700 THOUSAND METRIC TONS

* ALCOA - ‍ALSO TO MAKE DISCRETIONARY CONTRIBUTIONS,BEYOND REQUIRED CONTRIBUTIONS,TO U.S.,CANADA DEFINED BENEFIT PENSION PLANS IN 2018 OF ABOUT $300 MILLION​

* ALCOA - PROJECTING 2018 GLOBAL ALUMINUM DEMAND GROWTH OF 4.25 TO 5.25 PERCENT, FOLLOWING COMPANY’S FINAL 2017 GLOBAL DEMAND GROWTH RATE OF 5.25 PERCENT

* ALCOA-‍IN CONNECTION WITH DISCRETIONARY CONTRIBUTIONS,CO TO MAKE ANNUITY PURCHASES TO LOWER RISK,COST MAINTAINING MINIMUM REQUIRED CONTRIBUTION LEVELS​

* ALCOA - EFFECTIVE JAN. 1, 2021, SALARIED EMPLOYEES IN U.S.,CANADA, TO CEASE ACCRUING RETIREMENT BENEFITS FOR FUTURE SERVICE UNDER DEFINED BENEFIT PENSION PLANS

* - ‍EFFECTIVE JAN 1, 2021, CO WILL NO LONGER CONTRIBUTE TO PRE-MEDICARE RETIREE MEDICAL COVERAGE FOR U.S. SALARIED EMPLOYEES AND RETIREES​

* ALCOA - IN RELATION TO CHANGE TO RETIREMENT BENEFITS, ABOUT 800 AFFECTED EMPLOYEES WILL BE TRANSITIONED TO COUNTRY-SPECIFIC DEFINED CONTRIBUTION PLANS

* - AS RESULT OF ACTION, CO ‍EXPECTS TO BOTH REDUCE ITS NET PENSION AND OPEB LIABILITY BY $35 MILLION​

* - IN Q4, RECORDED CHARGE OF $22 MILLION IN INCOME TAX PROVISION DUE TO REMEASUREMENT OF DEFERRED INCOME TAX POSITIONS DUE TO NEW TAX LAW

* - ALCOA EXPECTS TO RECORD NON-CASH NONOPERATING INCOME OF ABOUT $20 MILLION IN Q1 2018 AS A RESULT OF CHANGES TO PENSION AND OPEB Source text for Eikon: Further company coverage:

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