Alcoa engages with Spanish government regarding San Ciprián complex
11 Décembre 2023 - 2:30PM
Business Wire
As part of a planned series of meetings with key stakeholders,
representatives of the Spanish operating subsidiaries of Alcoa
Corporation (NYSE: AA) will be meeting this week with
representatives of the national and regional authorities in Spain
to discuss financial losses at the San Ciprián complex, which
consists of an alumina refinery and an aluminum smelter.
The San Ciprián smelter was curtailed in January 2022 as a
result of an agreement with the workers’ representatives in
December 2021. In February 2023, Alcoa agreed to a phased restart
of the aluminum smelter to begin in January of 2024 via an amended
Viability Agreement. The refinery has been operating at 50 percent
of its capacity since the third quarter of 2022 to mitigate losses.
The economics for both the smelter and the refinery have continued
to worsen.
Since the smelter’s curtailment, the long-term cost for energy
remains uncompetitive while the permitting and development of
alternative energy supplies, supported by Alcoa’s signed power
purchase agreements, have been delayed. Also, the Company has
experienced market challenges that include the impact from the
slowdown in Europe and lower sales prices. Despite this, the
Company continued to comply with the terms of the Viability
Agreement, investing $65 million toward those obligations in
2023.
“We’ve been working to abide by all of the commitments contained
in the Viability Agreement, including making capital investments,
but the current situation remains severely challenged,” said Alcoa
President and CEO William Oplinger. “We are resolved to continue
conversations with the government and workers’ representatives in a
collaborative manner as we look to a long-term solution.”
When the original and amended Viability Agreements were signed,
Alcoa had sufficient funding to honor all its commitments. Based on
current and foreseeable economic conditions, however, solutions are
needed for the long term to deal with the unsustainable business
conditions at the San Ciprián operations.
The Company is asking the regional and national governments to
identify all potential forms of relief and work collaboratively on
a long-term solution.
About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina
and aluminum products with a vision to reinvent the aluminum
industry for a sustainable future. With a values-based approach
that encompasses integrity, operating excellence, care for people
and courageous leadership, our purpose is to Turn Raw Potential
into Real Progress. Since developing the process that made aluminum
an affordable and vital part of modern life, our talented Alcoans
have developed breakthrough innovations and best practices that
have led to greater efficiency, safety, sustainability and stronger
communities wherever we operate.
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accessible through, its corporate website into this press
release.
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“should,” “targets,” “will,” “working,” “would,” or other words of
similar meaning. All statements by 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 any
forward-looking statements are based on reasonable assumptions, it
can give no assurance that these expectations will be attained, and
it is possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties. Additional information concerning factors
that could cause actual results to differ materially from those
projected in the forward-looking statements is contained in Alcoa
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future events or otherwise, except as required by applicable
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version on businesswire.com: https://www.businesswire.com/news/home/20231211817885/en/
Investor Contact: James Dwyer 412-992-5450
James.Dwyer@alcoa.com
Media Contact: Jim Beck 412-315-2909
James.Beck@alcoa.com
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