Alcoa (AA) -3.7% after-hours as Q4 earnings and revenues, which rose 25% from the year-ago quarter to $3.17B, miss Wall Street expectations.

AA reports Q4 EBITDA of $775M, up 38% Q/Q, on higher alumina pricing, but company guidance was for greater than $800M; for FY 2018, the company projects EBITDA at $2.6B-$2.8B.

For 2018, AA projects balanced global bauxite and alumina markets and a global aluminum deficit of 300K-700K metric tons, and sees 2018 global aluminum demand growth of 4.25%-5.25%, following the company’s final 2017 global demand growth rate of 5.25%.

AA also announces changes to its U.S. and Canada defined benefit pension plans which it expects to both reduce its net pension and other post-employment benefits liability by $35M and record ~$20M in non-cash non-operating income in Q1 2018.

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