Alcoa: Quebec Smelter Workers OK Pact, Curtailed Capacity to Be Restarted -- Update
July 02 2019 - 05:46PM
Dow Jones News
By Josh Beckerman
Alcoa Corp. (AA) said a Quebec smelter will restart its
curtailed capacity as workers approved a six-year labor
agreement.
The Aluminerie de Becancour Inc. smelter is 74.95% owned by
Alcoa and 25.05% owned by Rio Tinto Alcan Inc.
Alcoa expects to record special items related to restart costs
of about $40 million to $50 million after tax, or about 22 cents to
27 cents a share.
The smelter will recall about 900 unionized employees according
to a specific back-to-work protocol, with all of those on lockout
back within eight months of the July 26 restart date.
The lockout at the smelter started in January 2018 after the
steelworkers rejected a proposed contract.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 02, 2019 17:31 ET (21:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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