Alcoa Announces Agreement to Extend Consultation Period Regarding San Ciprián Aluminum Plant in Spain and Pursue Potential S...
August 13 2020 - 8:02AM
Business Wire
Alcoa today announced an agreement with the workers’
representatives for the San Ciprián aluminum plant in Spain to
extend the deadline of the formal consultation period for
collective dismissal to September 28, 2020.
The agreement is endorsed by the national and regional
governments and includes a process to evaluate a potential sale of
the aluminum plant to GFG Alliance, an organization that publicly
expressed interest in acquiring the facility.
A potential sale would include the 228,000 metric tons per year
smelter and the casthouse. The aluminum facility will continue to
operate during the sales evaluation process, consistent with the
Company’s prior offer during the consultation period.
If a sales agreement is not reached by September 27, 2020, the
Company and the workers’ representatives would then meet for one
day on September 28, 2020, on the single topic of a social plan
that would include government-supported unemployment benefits
(ERTE), or, barring no agreement on an ERTE, the implementation of
a permanent collective dismissal.
The formal consultation period began on June 25, 2020 and
included discussions of a restructuring plan for the aluminum
facility that aimed at ending persistent and recurring financial
losses. On August 5, 2020, Alcoa announced that the last meeting of
the formal consultation period ended without an agreement with the
workers’ representatives. With the agreement announced today, the
formal consultation period will be extended through September 28,
2020.
The San Ciprián site has both an aluminum plant and an alumina
refinery. The alumina refinery is not included in the consultation
or the sales process.
About Alcoa
Alcoa (NYSE: AA) is a global industry leader in bauxite,
alumina, and aluminum products, and is built on a foundation of
strong values and operating excellence dating back more than 130
years to the world-changing discovery that made aluminum an
affordable and vital part of modern life. Since developing the
aluminum industry, and throughout our history, our talented Alcoans
have followed on with breakthrough innovations and best practices
that have led to efficiency, safety, sustainability, and stronger
communities wherever we operate. Visit us online on www.alcoa.com,
follow @Alcoa on Twitter, and on Facebook at
www.facebook.com/Alcoa.
Forward-Looking Statements
This news 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 “anticipates,” “believes,” “could,”
“estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,”
“outlook,” “plans,” “projects,” “seeks,” “sees,” “should,”
“targets,” “will,” “would,” or other words of similar meaning. All
statements by Alcoa Corporation that reflect expectations,
assumptions or projections about the future, other than statements
of historical fact, are forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and changes in
circumstances that are difficult to predict. Although Alcoa
Corporation believes that the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it
can give no assurance that these expectations will be attained and
it is possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties. Additional information concerning factors
that could cause actual results to differ materially from those
projected in the forward-looking statements is contained in Alcoa
Corporation’s filings with the Securities and Exchange Commission.
Alcoa Corporation 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.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding
company developments and financial performance through its website,
www.alcoa.com, as well as through press releases, filings with the
Securities and Exchange Commission, conference calls and
webcasts.
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version on businesswire.com: https://www.businesswire.com/news/home/20200813005424/en/
Investor Contact James Dwyer 412-992-5450
James.Dwyer@alcoa.com
Media Contacts Jim Beck 412-315-2909 Jim.Beck@alcoa.com
Clara Acebes Spain +34 914068280 Clara.Acebes@alcoa.com
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