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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.
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February 1, 2016
11:14 EDTAAStocks with call strike movement; NFLX AA
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09:36 EDTAAActive equity options trading on open
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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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