New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
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.
News For AA From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 30, 2014
16:00 EDTAAOptions Update; October 30, 2014
Subscribe for More Information
October 28, 2014
09:20 EDTAAAlcoa to host investor day
Subscribe for More Information
October 27, 2014
10:00 EDTAAOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
05:44 EDTAAAlcoa upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded Alcoa to Buy citing the turnaround in the company's upstream Primary smelting business following the company's Q3 results. Deutsche raised its price target for shares to $20 from $16. The stock closed Friday up 31c to $16.55.
October 23, 2014
16:16 EDTAAAlcoa to sell ownership stake in Mt. Holly Smelter to Century Aluminum
Alcoa (AA) announced that it has reached an agreement to sell its ownership stake in the Mt. Holly aluminum smelter in Goose Creek, South Carolina, to Century Aluminum Company (CENX) for $67.5M in cash, plus an additional potential earn-out. Mt. Holly is owned 50.3% by Alcoa and 49.7% by Century. The sale is subject to customary regulatory approvals, and is expected to close by the end of Q4. Based on current estimates, the transaction will not result in a significant gain or loss to Alcoa.
16:09 EDTAACentury Aluminum to acquire full ownership of Mt. Holly Smelter for $67.5M
Century Aluminum Company (CENX) announced that its wholly owned subsidiary has entered into a definitive agreement to acquire Alcoa's (AA) 50.3% stake in the Mt. Holly aluminum smelter. Mt. Holly, located in Berkeley County, South Carolina, employs approximately 600 people and has an annual production capacity of 229,000 metric tons of primary aluminum. Following the closing of the transaction, Century will own 100% of Mt. Holly. Pursuant to the terms of the agreement, Century will acquire Alumax of South Carolina, a subsidiary of Alcoa and owner of Alcoa's 50.3% interest in Mt. Holly, for $67.5M in cash less certain amounts owed by Alumax to Mt. Holly and subject to working capital and other similar adjustments. The transaction is expected to close in Q4 and is subject to customary closing conditions.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use