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March 28, 2014
09:01 EDTAAAlcoa to curtail 147,000 metric tons of aluminum smelting capacity in Brazil
Alcoa announced it will curtail 147,000 metric tons of smelting capacity at its São Luís and Poços de Caldas smelters in Brazil due to challenging global market conditions in primary aluminum and increased costs that have made the smelters uncompetitive. The curtailments are expected to be complete by the end of May 2014. In 2013, the company curtailed 34,000 metric tons at Poços and 97,000 metric tons at São Luís. The new curtailments will include the remaining 62,000 metric tons of capacity from the Poços smelter, resulting in a full curtailment of its three potlines. Another 85,000 metric tons will be curtailed at São Luís. As a result of the smelter curtailment, the Poços refinery will also reduce production accordingly. The mine, aluminum powder plant and casthouse at Poços will continue normal operations, as will the refinery at São Luís. Other Alcoa operations in Brazil are not affected. Total restructuring-related charges associated with the Brazil curtailments in the first quarter are expected to be between $40M-$50M after-tax, or 4c-5c per share, of which approximately 30% would be non-cash.
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Shares are up over 5% to $9.33 at time of writing, putting it above downtrend resistance at the 10-day moving average. At that price next resistance is at $9.51. Support is at $9.19.
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