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Alcoa 'Comfortable' that Brazil Will Soon Cut Energy Costs

By Diana Kinch RIO DE JANEIRO--Global aluminum producer Alcoa Inc. (AA) said Wednesday it is "comfortable" that the Brazilian government will reduce electrical energy costs in the short to medium term. "President Dilma Rousseff leads us to believe action on energy prices will be similar to the action to reduce interest rates," Franklin L. Feder, Alcoa's chief executive for Brazil and Latin America, told reporters in Rio de Janeiro. Last month, Brazil's Central Bank reduced the country's base interest rate to 8.5%, a historically low level for the country although still high by international standards. Aluminum production in Brazil is currently globally uncompetitive due to energy costs that have become the highest in the world, Feder said, with surcharges and tariffs accounting for 50% of electrical energy costs. Last week, Alcoa executives met with President Rousseff to discuss the issue, he said. Alcoa has already closed aluminum-production lines in Brazil's Rio de Janeiro and Bahia states but isn't currently planning any further closures, Feder said. Write to Diana Kinch at [email protected]

Stock News for Alcoa (AA)
DateTimeHeadline
01/19/201723:38:00CORRECTING and REPLACING Portland Aluminium Smelter in Victoria...
01/19/201717:04:00Portland Aluminium Smelter in Victoria, Australia to Restart...
01/19/201716:35:19Statement of Changes in Beneficial Ownership (4)
01/19/201716:34:53Statement of Changes in Beneficial Ownership (4)
01/19/201716:33:36Statement of Changes in Beneficial Ownership (4)
01/18/201717:13:43Securities Registration Statement (s-1)
01/11/201720:02:00U.S. Expected to Launch WTO Complaint Against China Over Aluminum...
01/09/201717:00:00Alcoa to Announce Fourth Quarter and Year-End 2016 Results and...
01/04/201717:30:33Current Report Filing (8-k)
01/03/201716:39:00Alcoa Corporation to Permanently Close Suralco Refinery
12/19/201617:00:00Alcoa Secures First Major Export Contract to Supply Bauxite From...
12/15/201616:47:56Initial Statement of Beneficial Ownership (3)
12/15/201616:47:02Amended Statement of Beneficial Ownership (3/a)
12/08/201617:27:59Amended Statement of Beneficial Ownership (sc 13d/a)
12/06/201616:10:00Molly Beerman Named Vice President and Controller of Alcoa Corporation
12/02/201617:37:32Statement of Changes in Beneficial Ownership (4)
12/02/201617:36:40Statement of Changes in Beneficial Ownership (4)
12/02/201617:35:48Statement of Changes in Beneficial Ownership (4)
12/02/201617:35:24Statement of Changes in Beneficial Ownership (4)
12/02/201617:34:04Statement of Changes in Beneficial Ownership (4)

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