Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Alcoa to Close Smelter in Italy

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Alcoa (NYSE: AA  ) will soon be one asset lighter in Europe. The company announced that it is to shutter its Fusina smelter in Italy. This is not a sudden move; activity at the facility was curtailed in June 2010.

It is also not a surprise, given the persistent struggles of the aluminum industry over the past several years. In the press release announcing the closure, the firm quoted Bob Wilt, president of its global primary products division, as saying that "Global aluminum prices remain weak and we must take action to maintain Alcoa's competitiveness."

The shuttering will mean a reduction, although not a large one, in the company's global smelting capacity. The current level of roughly 4.2 million metric tons per year will drop by 44,000.

Alcoa said total after-tax charges related to the closure will total $30 million-$35 million, or around $0.03 per share. Roughly 50% of those charges are expected to be non-cash. The charges will be accounted for in the company's Q2 financials.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2516435, ~/Articles/ArticleHandler.aspx, 9/25/2016 1:48:08 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/23/2016 4:00 PM
AA $9.76 Down -0.02 -0.20%
Alcoa CAPS Rating: ***