UPDATE 1-Kaiser Aluminum posts lower-than-expected profit

Reuters.com reports that Kaiser Aluminum ( NASDAQ:KALU) has seen a 74% third quarter profit drop.  The company also warns that there will be additional declines on quarter-to-quarter shipments.

The story is quoted as saying:

 “Demand for our general engineering, automotive and industrial applications continues to reflect a slow recovery,” said Chief Executive Officer Jack Hockema. “We do not anticipate any meaningful restocking of service center inventories until the economic recovery is strong enough.”

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