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Stock Market & Financial Investment News

News Breaks
August 25, 2014
08:31 EDTAAAlcoa to close Portovesme smelter in Italy
Alcoa announced that it intends to permanently close its Portovesme primary aluminum smelter, which has been curtailed since November 2012. The closure will reduce Alcoa’s global smelting capacity by 150,000 metric tons to 3.6 million metric tons per year. The Portovesme smelter was curtailed in 2012 because it was one of the highest cost smelters in the Alcoa system and had limited prospects for becoming competitive. “The fundamental reasons that made the Portovesme smelter uncompetitive unfortunately have not changed,” said Bob Wilt, President, Alcoa Global Primary Products. “We will continue to meet the commitments made to our employees and our stakeholders, acting in good faith as we have always done.” As committed to the government and unions, Alcoa has provided financial social support, along with outplacement and re-employment services for employees. The closure is aligned with Alcoa’s strategy to create a globally competitive commodity business and lower its position on the world aluminum production cost curve to the 38th percentile by 2016. Total restructuring-related charges for third quarter 2014 as a result of the closure are expected to be between $170M-$180M after-tax, or between 14c-15c per share, of which approximately 60% is non-cash.
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March 4, 2015
07:48 EDTAAAlcoa downgraded to Neutral from Buy at BofA/Merrill
As previously reported, BofA/Merrill downgraded Alcoa to Neutral from Buy. The firm lowered its aluminum forecasts to reflect worsening aluminum fundamentals from increased Chinese exports and pressure from LME warehouse rule changes. Price target lowered to $17 from $20.
06:35 EDTAAAlcoa downgraded to Neutral from Buy at BofA/Merrill
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March 3, 2015
05:26 EDTAAAlcoa completes acquisition of TITAL
Alcoa announced that it has completed the acquisition of privately held TITAL. Alcoa closed the transaction, which was announced on December 15, 2014, after receiving all of the required global regulatory approvals. TITAL is a manufacturer of titanium and aluminum structural castings for aircraft engines and airframes. Alcoa sees a current 8-year production order book at 2014 delivery rates. Almost 70% of TITAL’s revenues are expected to come from commercial aerospace sales in 2019. Further, its titanium revenues are expected to increase by 70% over the next five years as manufacturers of next-generation jet engines look to titanium solutions for engine structural components. In 2014, TITAL generated revenues of approximately approximately $100M, more than half of which came from titanium products. TITAL’s business is being integrated into Alcoa’s Engineered Products and Solutions segment.
February 26, 2015
09:35 EDTAAActive equity options trading on open
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February 23, 2015
07:40 EDTAABMO Capital to hold a conference
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