UPDATE: Alcoa issued a statement saying it is committed to its investment grade rating and is “in a stronger financial position than four years ago.” The company’s full statement is copied below.
Alcoa Inc. shares were down nearly 3 percent in morning trading today after Moody’s Investors
Service on Tuesday put the aluminum company on review for a downgrade.
Moody’s cited a nearly 22 percent drop in aluminum prices, according to an Associated Press report.
Alcoa has a manufacturing operation in Blount County that produces aluminum for beverage cans.