Alcoa Corp. (AA) announced the closure of its Intalco aluminum smelter in Washington State, which has been fully idle since 2020. The Intalco smelter site operated for nearly 55 years.
The closure announcement begins a process to prepare the site for new economic development opportunities.
As per an agreement, AltaGas has acquired the rights to develop and own about 1,600 acres at the Intalco site, which includes transportation and utility infrastructure.
Alcoa said it will record restructuring and related charges in the first quarter 2023 of about $120 million, or $0.67 per share, related to the permanent closure.
Cash outlays related to the permanent closure of the site are expected to be about $85 million over the next three years, with about $25 million to be spent in 2023.
The company noted that the site currently has 19 employees; some will remain to assist with the closure-related activities that allow opportunities for future redevelopment.
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