ADVFN - Advanced Financial Network.
HOME» NYSE » A » AA Stock Price » AA Stock News

Alcoa Share News

 Alcoa, Inc. Stock Price
AA Stock Price
 Alcoa, Inc. Stock Chart
AA Stock Chart
 Alcoa, Inc. Stock News
AA Stock News
 Alcoa, Inc. Company Information
AA Company Information
 Alcoa, Inc. Stock Trades
AA Stock Trades

Alcoa To Postpone Closing Italy Aluminum Smelter, Seek Buyer

--Alcoa to postpone closure of Portovesme smelter in Sardinia, Italy --Alcoa in January announced 12% aluminum smelting capacity cut to reduce costs --Curtailment set to begin Sept. 1 if no buyer is found By Matt Day Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Alcoa Inc. (AA) has agreed to delay closing its Italian aluminum smelter until at least September while it looks for potential buyers, the company said on Wednesday. Alcoa had planned to close its Portovesme smelter in Sardinia during the first half of the year. But the company said it has reached an agreement on Tuesday with labor unions and Italy's Ministry of Economic Development to extend its life while seeking a buyer for the plant. The company in January announced plans to cut about 12% of its aluminum smelting capacity in an effort to shed its most expensive operations amid excess capacity in the industry worldwide and slumping prices for the lightweight metal. The Portovesme smelter has capacity to produce about 150,000 metric tons of aluminum a year, and employs 501 people. "We're obviously committed to working with the government to attract a potential buyer and reach a resolution there that's in the best interests of our employees and the local community," said Libby Archell, an Alcoa spokeswoman. Under the agreement, if no prospective buyer has signed a letter of intent by the end of August, the curtailment process will begin Sept. 1, Alcoa said in a statement. If a buyer steps forward before that deadline but the sale has yet to be finalized by the end of October, Alcoa would begin closing the plant on Nov. 1, the statement said. In either case, Archell said Alcoa will cease its operations at the plant by Dec. 31 at the latest. Archell said the company would continue to pay employees at the smelter for the month of curtailment and the following month. FIM-CISL, Italy's metal workers union, said in a statement that it was happy with the deal. Under the agreement, the union said, employees at the smelter will obtain one year of unemployment insurance under a temporary layoff program, with the potential for a one-year extension. In January, Italy's industry minister said Glencore International PLC (GLEN.LN) had expressed interest in the smelter, which is located near one of its lead and zinc plants. As part of the plan announced in January, Alcoa said it would temporarily idle parts of two smelters in Spain. In the U.S., the company said it would permanently shut already-idled smelting operations in Alcoa, Tenn., and Rockdale, Texas. --By Matt Day, Dow Jones Newswires; 212-416-4986; matt.day@dowjones.com --Giada Zampano and Andrea Hotter contributed to this article.

Stock News for Alcoa (AA)
DateTimeHeadline
08/11/201509:00:00Expanding Horizons With New Acquisitions - Report on Alcoa Inc.
07/26/201519:10:14Companies to Pledge $140 Billion in Effort to Cut Carbon Emissions
07/24/201516:05:00RTI International Metals, a Subsidiary of Alcoa Inc., Announces...
07/23/201517:30:15Post-effective Amendment to an S-8 Filing (s-8 Pos)
07/23/201517:27:14Securities Registration: Employee Benefit Plan (s-8)
07/23/201517:25:28Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
07/23/201517:23:39Current Report Filing (8-k)
07/23/201517:22:42Current Report Filing (8-k)
07/23/201509:02:00Alcoa Realigns Downstream Portfolio to Drive Greater Profitability...
07/23/201509:01:00Alcoa Completes Acquisition of RTI International Metals, Growing...
07/22/201517:21:51Quarterly Report (10-q)
07/21/201517:52:00RTI International Metals Shareholders Voted in Favor of Acquisition...
07/21/201516:27:00Alcoa Board Approves Quarterly Dividends
07/17/201516:11:033 Stocks to Watch in Metals and Mining
07/15/201518:16:03What Alcoa's Management Said About the Industrial Sector
07/14/201517:45:00PayPal Holdings Set to Join S&P 100 & 500; Others to Join S&P...
07/14/201517:15:00Indices S&P Dow Jones annonce des modifications à certains indices...
07/14/201517:15:00S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian...
07/13/201517:10:40Current Report Filing (8-k)
07/13/201516:14:02Alcoa's 3 Biggest Growth Opportunities

Alcoa and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad