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Stock Market & Financial Investment News

News Breaks
January 9, 2013
08:32 EDTAA, CRSCarpenter Technology appoints Tony R. Thene as CFO
Carpenter Technology (CRS) has selected Tony R. Thene as the company’s Senior VP & CFO, effective January 31. Mr. Thene replaces K. Douglas Ralph, who announced in September that he will leave the company. Mr. Thene will join Carpenter after 23 years with Alcoa (AA).
News For CRS;AA From The Last 14 Days
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August 29, 2014
07:19 EDTAAAlcoa volatility low as aluminum trades near 18-month high
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August 28, 2014
09:24 EDTCRSCarpenter Technology survey indicates positive momentum, says Cleveland Research
Cleveland Research's checks indicate positive demand momentum for nickel based alloys which should lead to upside to SAO and PEP segment expectations. Shares are Buy rated.
August 26, 2014
10:24 EDTAAAlcoa volatility low as aluminum trades at 18-month high
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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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