NEW YORK (CNN/Money) - Alcoa Inc., the No. 1 U.S. aluminum producer, posted fourth-quarter earnings Wednesday that were well below Wall Street estimates, citing lower prices for aluminum and lingering weakness in its key aerospace and telecom markets.

The company, the first component of the Dow Jones industrial average to report results for the recently completed quarter, also said it was taking $95 million in charges for a restructuring that includes the elimination of 8,000 jobs.

Alcoa (AA: down $2.08 to $22.30, Research, Estimates) shares tumbled about 10 percent on the report.

For the quarter, Alcoa earned 16 cents a share excluding one-time items, compared with 11 cents a share in the year-earlier period. Analysts had forecast a quarterly profit of 25 cents a share, according to earnings tracker First Call.

Including restructuring and other one-time charges, Alcoa's net loss for the fourth quarter was $223 million, or 27 cents a share, compared with a net loss of 17 cents a share in the year-earlier period.

Net income for 2002 fell sharply to 49 cents a share from $1.05 in 2001.

"Global manufacturing weakness has persisted longer than we anticipated," said Alain Belda, Alcoa Chairman and CEO. "In particular, aerospace, industrial gas turbine and telecommunication markets remained soft, reinforcing the need to increase the scope of our cost savings and restructuring initiatives."

Alcoa said the job cuts cover employees at more than 70 locations, with the restructuring effort primarily focused in Europe and South America.

The company said it planned to divest some businesses, especially from its specialty chemicals, specialty packaging equipment, and architectural products divisions in North America, which together generated about $1.3 billion in total revenue in 2002. Alcoa said it would use proceeds from the sales primarily to reduce debt and increase its growth opportunities in its core businesses.