Reynolds Metals Co.: The Richmond, Va., firm’s...
From Times Staff and Wire Reports
Reynolds Metals Co.: The Richmond, Va., firm’s fourth-quarter net income plunged 89% to $15.1 million from year-earlier figures because of an after-tax charge of $93.9 million for anticipated environmental costs. Revenue inched up 3% to $1.6 billion. For the year, the firm reported profit of $296.6 million, down 44% after the charge. The ore and chemicals firm noted that despite record aluminum shipments for 1990, margins were squeezed by depressed prices for aluminum. There was also weakness in demand for certain fabricated products because of the recession.
