US aluminium-maker Alcoa has seen its first-quarter loss narrow as revenue rose and metal prices increased.
The firm reported a net loss of $201m (£130m) for the three months to March, compared with a $497m loss a year ago.
Aluminium is selling at an 18-month high of more than $2,400 per tonne, having gained some 3.3% in the quarter.
But the company faced one-off charges of $295m, largely as a result of closing two plants and tax impacts from federal healthcare reforms.
Revenue in the quarter rose 18% to $4.89bn from a year earlier.
Alcoa is traditionally the first company in the Dow Jones industrial average to report quarterly earnings.
'Messy' charges
Although the price of aluminium has been increasing during the past year, it is still well below its record high of $3,380 per tonne, reached in July 2008.
After reaching that peak though, the price slumped as the global economy went into recession and demand for aluminium dropped.
Brian Hicks from US Global Investors said restructuring charges made the first quarter "a little bit messy" for the company.
"This seems like it's been an ongoing exercise for Alcoa, with restructuring and special one-time charges," he said.
But he went on: "On a brighter note perhaps, they were able to contain costs this quarter".
BBC News
