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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.

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