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February 17, 2014
17:09 EDTAAAlcoa to close smelter, rolling mills in Australia, sees $250M-$270M in charges
Alcoa announced it will permanently close its Point Henry aluminum smelter and two rolling mills in Australia. The smelter and an adjacent rolling mill are located in Geelong, Victoria. The second mill and a recycling facility are located in Yennora, New South Wales. The smelter will close in August and the rolling mills by the end of 2014. The company said, "The Point Henry smelter was placed under strategic review in February 2012 due to challenging market conditions. A comprehensive review found that the 50-year-old smelter has no prospect of becoming financially viable. The two rolling mills serve the domestic and Asian can sheet markets which have been impacted by excess capacity. Alcoa of Australia operates the smelter where approximately 500 employees work. Alcoa Inc. operates the rolling mills which employ about 480 people." The Anglesea coal mine and power station that currently supplies approximately 40 percent of the power needs for the Point Henry smelter has the potential to operate as a stand-alone facility after the smelter closes. Alcoa of Australia will actively seek a buyer for the facility. Total 2014 restructuring-related charges associated with the closures outlined above are expected to be between $250M-$270M after-tax and non-controlling interest, or 22c-25c per share, of which approximately 60% would be recorded in Q1. Cash costs during 2014 are expected to total approximately $160M. The closures will reduce Alcoa’s global smelting capacity by 190,000 metric tons and reduce Alcoa’s can sheet capacity by 200,000 metric tons. Including the closure of the Point Henry smelter, Alcoa has announced closures or curtailments representing 551,000 metric tons of smelting capacity, exceeding the 460,000 metric tons placed under review in May 2013. Once the Point Henry closure is complete, Alcoa will have total smelting operating capacity of approximately 3,760,000 metric tons, with approximately 655,000 metric tons, or 17 percent, of high cost capacity offline.
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09:04 EDTAAElliott Management: Alcoa 'taking the right steps'
Alcoa and affiliates of Elliott Management, which hold an economic interest in approximately 7.5% of Alcoa's common stock, have entered into an agreement that provides that Elliott will support the company's slate of director nominees at Alcoa's 2016 Annual Meeting of Shareholders.
09:03 EDTAAAlcoa names three new directors to board
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09:02 EDTAAAlcoa to appoint 3 new directors to board; Elliott to support slate of nominees
Alcoa announced that it will appoint Ulrich "Rick" Schmidt, John C. Plant and Sean O. Mahoney to serve on the company's Board of Directors, effective February 5, 2016. These appointments will further strengthen the company and add valuable aerospace and automotive experience to the Board as Alcoa prepares to separate into two independent companies in the second half of 2016. With these appointments, the Alcoa Board will be expanded to consist of 15 directors. In connection with this announcement, Alcoa and affiliates of Elliott Management, which hold an economic interest in approximately 7.5% of Alcoa's common stock, have entered into an agreement that provides that Elliott will support the company's slate of director nominees at Alcoa's 2016 Annual Meeting of Shareholders. Mahoney will be included with the company's slate of director nominees for election at the Company's 2016 Annual Meeting of Shareholders and will be added to the class of directors whose term expires in 2016. Schmidt and Plant will be added to the class of directors whose terms expire in 2017 and 2018, respectively. Dave Miller, Senior Portfolio Manager at Elliott Management said, "We believe the Company is taking the right steps as it moves forward with its separation. This is a pivotal moment for Alcoa and represents an opportunity to create substantial value for shareholders. We are pleased to have worked constructively with Alcoa and believe that Rick, John and Sean bring relevant experience to the Alcoa Board and the future Value-Add Co." As previously announced, Alcoa plans to separate into two, publicly traded companies in the second half of 2016. The Upstream company will comprise five strong business units that today make up Global Primary Products: Bauxite, Alumina, Aluminum, Cast Products and Energy; the innovation and technology-driven Value-Add company will include the Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions businesses. As the Company prepares to implement the separation, the Board of Directors will work closely with Alcoa's management team in a comprehensive review of its portfolio, operations, profitability drivers and cost structure, and will update the market at the appropriate time.

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