Alcoa Inc. announced that it will implement a series of production cuts in its plants in the United States and Brazil, and plans to cut its aluminum production capacity by 164,000 tons by the end of September this year.
Alcoa announced in May this year that it will analyze its global aluminum production capacity at its plants and consider relying on production cuts to maintain its competitiveness. As part of the above plan, Alcoa plans to permanently shut down a smelter aluminum production line in the New York factory, which can produce 40,000 tons of aluminum per year. In addition, the company will also temporarily reduce 124,000 tons of aluminium smelting capacity in Brazil.
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BobWilt, president of Alcoa's global primary product, said: “We promised in May that we will adopt global production cuts when necessary to maintain our competitiveness. The price and premium of aluminum materials have dropped to a new low level in four years. We The markets it operates are still full of uncertainty."
According to Alcoa’s global production reduction plan announced in May, the company plans to reduce its global capacity by 460,000 tons/year within 15 months. Until now, the company has announced 269,000 tons/year of production cuts, including the permanent closure of the Baie-Comeau aluminum smelter in Canada and the Fusina smelter in Italy. The production capacity was 105,000 tons/year and 44,000 tons/year, respectively, but the shutdown of the Fusina plant was not part of the global plan for production cuts in May.
After Alcoa announced the completion of its plant shutdown and production reduction plan, the company will have 642,800 tons of aluminum production capacity globally idled, equivalent to 16% of its total production capacity. In the third quarter of this year, Alcoa’s spending on restructuring measures is expected to reach 500 to 10 million U.S. dollars.
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