Alcoa, the world's biggest aluminium producer, has unveiled a 24% drop in profits for the second three months of the year.

Sluggish demand from the manufacturing and aerospace industries has depressed aluminium prices, the firm said.

Alcoa posted net income of $232m for the second quarter, slightly below expectations, sending the firm's shares down slightly in early New York trading.

Alcoa has suffered a series of bleak quarters, and its shares have lost more than 12% of their value this year.

Aluminium prices have risen about 10.5% from November's low, but remain 5% below their levels of a year ago.

To offset the low prices, Alcoa has slashed costs and claims to be on track for annualised savings of $1bn next year.