PITTSBURGH, November 07, 2021– (COMMERCIAL THREAD) – Alcoa Corporation (NYSE: AA) today announced that the Portland Aluminum joint venture plans to restart 35,000 metric tonnes per year (mtpa) of reduced capacity at its aluminum smelter in Victoria, Australia.

The process of restarting capacity, unused since 2009, will begin immediately, with metal production scheduled to start in the third quarter of 2022.

Portland Aluminum is an unincorporated joint venture with 358,000 mtpa of total capacity, and Alcoa Corporation has 197,000 mtpa of consolidated capacity. Once the restart is complete, Portland Aluminum will operate at approximately 95% of its total capacity and Alcoa Corporation will have approximately 186,000 mtpa of its consolidated capacity at Portland.

“Restarting unused capacity improves the cost structure, competitiveness and long-term sustainability of the smelter,” said Michael Gollschewski, vice president of operations for Alcoa and president of Alcoa Australia. “Portland Aluminum has long enjoyed the support of the local community and with this project we are pleased to be able to create additional positive social impact through additional jobs and local spending. “

The project is expected to create around 30 permanent positions at the foundry and around 50 temporary construction positions. The foundry currently has a workforce of around 680 people, made up of both direct employees and contractors.

The energy needed to operate the restored capacity will be supplied under a new four-year agreement with power producer AGL. It will complete the five-year energy agreements announced earlier with AGL, Alinta Energy and Origin which started on August 1, 2021.

The total cost of the restart is expected to be approximately $ 28 million, of which Alcoa Corporation’s share is approximately $ 9 million. Restart costs are expected to be incurred between Q4 2021 and Q3 2022.

Alcoa Corporation also recently announced the restart of its 268,000 mtpa of fusion capacity at the Alumar smelter in Brazil, which is expected to be operational by the fourth quarter of 2022. When both projects are completed, Alcoa Corporation will have approximately 82% of its 2.99 million metric tonnes of global capacity. aluminum foundry.

Portland Aluminum is an unincorporated joint venture comprising Alcoa of Australia Limited (55%), CITIC Nominees Pty Ltd (22.5%) and Marubeni Aluminum Australia Pty Ltd (22.5%). Alcoa of Australia Limited is owned by Alcoa Corporation (60%) and Alumina Limited (40%).

About Alcoa Corporation

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products, and is built on strong values ​​and operational excellence dating back 135 years to the groundbreaking discovery that made aluminum an affordable and vital part of modern living. Since the development of the aluminum industry, and throughout our history, our talented Alcoans have continued with groundbreaking innovations and best practices that have led to efficiency, safety, sustainability and more communities. strong wherever we operate.

About Alcoa Australia

Alcoa of Australia is owned by Alcoa World Alumina and Chemicals (AWAC), an unincorporated global joint venture between Alcoa Corporation and Alumina Limited which consists of a number of affiliated entities that own, operate or have an interest in mines bauxite and alumina refineries, as well as an aluminum smelter, in seven countries. Alcoa Corporation owns 60 percent of AWAC and Alumina Limited owns 40 percent.

Dissemination of company information

Alcoa intends to make future announcements regarding business developments and financial performance through its website, www.alcoa.com, as well as through press releases, documents filed with the Securities and Exchange Commission, conference calls and webcasts.

Forward-looking statements

This press release contains statements relating to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. “” work “,” potential “,” ambition ” , “develop”, “achieve”, “believe”, “could”, “believes”, “expects”, “foresees”, “objective”, “intends to”, “may”, “prospect”, ” plans ”,“ projects ”,“ seeks ”,“ sees ”,“ should ”,“ targets ”,“ will ”,“ would ”or other words with similar meaning. All statements of Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in the forward-looking statements are based on reasonable assumptions, it cannot guarantee that these expectations will be achieved and it is possible that actual results will differ materially from those indicated by these forward-looking statements. due to various risks and uncertainties. Additional information regarding factors that could cause actual results to differ materially from those anticipated in forward-looking statements is contained in the documents filed by Alcoa Corporation with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to publicly update any forward-looking statement, whether in response to new information, future events or otherwise, except as required by applicable law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211107005123/en/

Contacts

Investor contact
James Dwyer
412-992-5450
[email protected]

Media contacts
Jim beck
412-315-2909
[email protected]

Jodie Read
Alcoa from Australia
0404-800-335
[email protected]


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