Alcoa Corp

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13.47
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Layoffs, Other Pre-Announcement

Alcoa Announces Curtailment And Collective Dismissal At San Ciprián Aluminum Smelter In Spain

Published: 10/09/2020 15:49 GMT
Alcoa Corp (AA) - Alcoa Announces Curtailment and Collective Dismissal at San CipriÁn Aluminum Smelter in Spain.
Alcoa Corp - Smelter's Curtailment is Expected to Be Complete in Q1 of 2021.
Alcoa Corp - Initiate a Collective Dismissal That Will Affect Approximately 530 Employees.
Alcoa Corp - Approximately 100 Employees Will Remain to Operate a Portion of Casthouse in Spain.
Alcoa Corp - Expects Restructuring Charges of About $35 Million to $40 Million (pre- and After-tax), Or $0.19 to $0.22 per Share, in Q4 of 2020.
Alcoa - Continued Operation of Smelter Not Viable Due to Uncompetitive Energy Framework, Global Overcapacity in Aluminum Production, Depressed Prices.
Alcoa Corp - Will Offer Severance Packages and Employment Services for Those Employees Affected by Curtailment Decision.
Alcoa Corp - Alumina Refinery at San CipriÁn Was Not Included in Consultation Process and Will Continue to Operate.
Alcoa Corp - Will Defend Actions at San CipriÁn Aluminum Smelter, But Timing and Amount of Charges Could Be Impacted.