Alcoa Reaches Power Agreement to Improve Competitiveness of Intalco Smelter
May 02 2016 - 2:00PM
Business Wire
Lightweight metals leader Alcoa (NYSE:AA) today announced it has
reached an agreement with the Bonneville Power Administration (BPA)
that will help improve the competitiveness of its Intalco smelter.
As a result, the smelter will not curtail at the end of the second
quarter as previously announced by the Company.
The amendment to the power contract is effective July 1, 2016
through Feb. 14, 2018 and provides for additional access to market
power during this period.
This short-term amendment with BPA, combined with the state of
Washington’s $3 million budget proviso for workforce training, are
key factors in helping Intalco remain competitive. Alcoa thanks
Governor Inslee; its federal delegation led by Senators Murray and
Cantwell, and Representatives DelBene and Larsen; the state
legislative delegation led by Senators Ranker and Ericksen; and BPA
for their support.
Intalco Works, located in Washington State, has a capacity of
279,000 metric tons per year.
About Alcoa
A global leader in lightweight metals technology, engineering
and manufacturing, Alcoa innovates multi-material solutions that
advance our world. Our technologies enhance transportation, from
automotive and commercial transport to air and space travel, and
improve industrial and consumer electronics products. We enable
smart buildings, sustainable food and beverage packaging, high
performance defense vehicles across air, land and sea, deeper oil
and gas drilling and more efficient power generation. We pioneered
the aluminum industry over 125 years ago, and today, our
approximately 58,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For
more information, visit www.alcoa.com, follow @Alcoa on Twitter at
www.twitter.com/Alcoa and follow us on Facebook at
www.facebook.com/Alcoa.
Forward Looking Statements
This release contains statements that relate to future events
and expectations and as such constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include those containing such
words as “estimates,” “expects,” “goal,” “plans,” “should,”
“target,” “will,” “would,” or other words of similar meaning. All
statements that reflect Alcoa’s expectations, assumptions or
projections about the future, other than statements of historical
fact, are forward-looking statements, including, without
limitation, statements regarding the competitiveness of the Intalco
smelter. Forward-looking statements are subject to risks,
uncertainties and other factors, and are not guarantees of future
performance. Important factors that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements include: (a) material adverse changes in
aluminum industry conditions, including global supply and demand
conditions and fluctuations in London Metal Exchange-based prices
and premiums, as applicable, for primary aluminum, alumina, and
other products, and fluctuations in indexed-based and spot prices
for alumina; (b) Alcoa’s inability to successfully realize goals
established in each of its business segments, at the levels or by
the dates targeted for such goals (including moving its alumina and
aluminum businesses down on the industry cost curves and increasing
revenues and improving margins in its value-add businesses); (c)
Alcoa’s inability to realize expected benefits, in each case as
planned and by targeted completion dates, from acquisitions,
divestitures, facility closures, curtailments, or expansions, or
international joint ventures; (d) political, economic, and
regulatory risks in the countries in which Alcoa operates,
including unfavorable changes in laws and governmental policies,
tax rates, civil unrest, or other events beyond Alcoa’s control;
(e) the outcome of contingencies, including legal proceedings and
environmental remediation; (f) deterioration in global economic and
financial market conditions generally; and (g) the other risk
factors summarized in Alcoa’s Form 10-K for the year ended December
31, 2015, and other reports filed with the Securities and Exchange
Commission. Alcoa disclaims any obligation to update publicly any
forward-looking statements, whether in response to new information,
future events or otherwise, except as required by applicable
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160502005899/en/
AlcoaInvestorsMatthew Garth,
212-836-2714Matthew.Garth@alcoa.comorMediaSofina Mirza-Reid,
212-836-2720Sofina.Mirza-Reid@alcoa.com
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