Alcoa: cuts production for Spanish smelter
(CercleFinance.com) - Alcoa announces its intention to curtail operations at its aluminium smelter in San Ciprian (Spain), representing an annual capacity of 228,000 tonnes, and to collectively dismiss approximately 530 employees.
The aluminium producer specifies that this production curtailment measure should be complete in the first quarter of 2021, and that around 100 employees will stay on to continue to operate part of the smelter.
Alcoa, citing global overcapacity in aluminium production and depressed prices to justify its decision, expects restructuring costs of between 35 and 40 million dollars in the fourth quarter of 2020.
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The aluminium producer specifies that this production curtailment measure should be complete in the first quarter of 2021, and that around 100 employees will stay on to continue to operate part of the smelter.
Alcoa, citing global overcapacity in aluminium production and depressed prices to justify its decision, expects restructuring costs of between 35 and 40 million dollars in the fourth quarter of 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.