Alcoa to Close Poços Smelter in Brazil
June 30 2015 - 8:30AM
Business Wire
Lightweight metals leader Alcoa (NYSE:AA) today announced that
it will permanently close its Poços de Caldas primary aluminum
smelter in Brazil on June 30, 2015. The smelter has been curtailed
since May 2014 and the underlying market conditions that led to the
curtailment have not improved.
“The closure of the Poços smelter permanently removes a
high-cost smelting facility from the Alcoa system and is another
step in creating a more profitable Primary Metals business,” said
Alcoa Global Primary Products President Bob Wilt.
Once the Poços smelter is closed, Alcoa’s total global smelting
capacity will be reduced by 96,000 metric tons, to 3.4 million
metric tons. The Poços mine, refinery, aluminum powder plant and
casthouse will continue normal operations.
As a result of the closure, Alcoa expects to record
restructuring-related charges in second quarter 2015 between $100
million and $110 million after-tax, or $.08 to $.09 per share, of
which approximately 60 percent is non-cash.
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 59,000 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,”
“will,” 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 about Alcoa’s
goal to create a globally competitive commodity business, the
expected timing for closing the Poços de Caldas primary
aluminum smelter, and other statements about Alcoa’s strategies,
outlook, and business and financial prospects. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and changes in circumstances that are
difficult to predict. 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) changes in preliminary accounting estimates due to
the significant judgments and assumptions required; and (c) the
other risk factors discussed in Alcoa’s Form 10-K for the year
ended December 31, 2014, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150630005123/en/
AlcoaInvestor ContactNahla Azmy,
+1-212-836-2674Nahla.Azmy@alcoa.comorMedia ContactMonica Orbe,
+1-212-836-2632Monica.Orbe@alcoa.com
Arconic (NYSE:ARNC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arconic (NYSE:ARNC)
Historical Stock Chart
From Sep 2023 to Sep 2024