Alcoa: permanent closure of Intalco smelter in US
(CercleFinance.com) - Alcoa announced the permanent closure of its historic Intalco smelter in Washington State on Friday, which had been shut down for two years.
The aluminium producer shut down the 55-year-old facility in 2020 because of operating costs deemed too high compared to raw material prices at the time.
The plant, which was commissioned in 1966, is to be taken over by the Canadian group AltaGas, which intends to develop a project there that is more in line with the region's climate targets.
With the closure of Intalco, Alcoa will produce 279,000 fewer tonnes per year, which should reduce its capacity to around 2.69 million tonnes.
The company expects to take a charge of $120m in its Q1 accounts, equivalent to EPS of $0.67.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The aluminium producer shut down the 55-year-old facility in 2020 because of operating costs deemed too high compared to raw material prices at the time.
The plant, which was commissioned in 1966, is to be taken over by the Canadian group AltaGas, which intends to develop a project there that is more in line with the region's climate targets.
With the closure of Intalco, Alcoa will produce 279,000 fewer tonnes per year, which should reduce its capacity to around 2.69 million tonnes.
The company expects to take a charge of $120m in its Q1 accounts, equivalent to EPS of $0.67.
Copyright (c) 2023 CercleFinance.com. All rights reserved.