Alcoa Announces New Long-Term $1.5 Billion Contract; Shares Still Lower

Shares of

were trading lower by more than 0.50 percent on Monday despite the company

a new $1.5 billion long-term contract. Alcoa will provide advanced nickel-based super-alloy, titanium and other components to

's aviation segment for use in its aircraft engines. "We greatly appreciate GE's continued confidence in Alcoa's aerospace capabilities, and are proud to support its advanced jet engine programs through this agreement," said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld. Separately, Alcoa is scheduled to report its fourth quarter results after Monday's market close.