logo
Plus   Neg
Share
Email

Alcoa To Curtail San Ciprián Aluminum Smelter In Spain; To Affect 530 Jobs - Quick Facts

Alcoa Corp. (AA) will curtail its San Ciprián aluminum smelter in Spain and initiate a collective dismissal that will affect approximately 530 employees. However, the alumina refinery at San Ciprián will continue to operate.

Alcoa made the decision after considering all options, including reviewing records associated with four months of consultations with the workers' representatives and the negotiations during a potential sale process.

On September 29, Alcoa announced that the Company would take up to 15 days to determine and announce a decision regarding the smelter's 228,000 metric tons of annual capacity.

The smelter's curtailment is expected to be complete in the first quarter of 2021, and approximately 100 employees will remain to operate a portion of the casthouse.

The aluminum plant has already incurred a net loss of approximately $45 million through September 30. In 2018 and 2019, the aluminum plant had combined net losses of $126 million.

Alcoa will offer severance packages and employment services for those affected by the curtailment decision. Alcoa expects restructuring charges of approximately $35 million to $40 million (pre- and after-tax), or $0.19 to $0.22 per share, in the fourth quarter of 2020 for employee-related costs.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tailored Brands Inc., which owns menswear brands Men's Wearhouse and Jos. A. Bank, announced its emergence from Chapter 11 protection, eliminating $686 million of existing debt. The company has now completed its financial restructuring process and the implementation of the Plan of Reorganization confirmed by the U.S. Bankruptcy Court on November 13. The Federal Aviation Administration issued first airworthiness certificate for one of the new Boeing 737 Max jets on Monday since the aircraft was grounded worldwide in March 2019 following two crashes that killed 364 people, media reports quoting a FAA spokesman said. Amazon Web Services or AWS, the cloud division of Amazon, announced the launch of new virtual computing instances, known as EC2 Mac instances, for Apple app developers. The new Mac instances will help AWS users to run Apple's macOS operating system on Amazon Elastic Compute Cloud or Amazon EC2. EC2 Mac instances will allow customers to run on-demand macOS workloads in the AWS cloud.
Follow RTT