Alcoa: The world’s largest maker of aluminum...

Alcoa: The world’s largest maker of aluminum products earned a record $944.9 million for all 1989, a 9.6% rise over 1988’s record profit. Sales totaled a record $10.91 billion, up 11%. For the fourth quarter, earnings fell 25% to $164.7 million; sales rose 2% to $2.69 billion. The Pittsburgh-based company cited strength in its Australian and Brazilian units, accounting for 42% of 1989 profit, during most of the year. However, the fourth period was marked by a decline in shipments and revenue, lower prices for ingot and most fabricated products, a shift in product mix and higher raw material costs.