Alcoa to Close U.S. Smelter, Refinery Amid Commodity Rout
- Aluminum producer will shut operations in Indiana and Texas
- About 1,270 jobs to be lost as company continues to cut output
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Alcoa Inc., the biggest U.S. aluminum producer, will close its smelter in Indiana and reduce alumina production primarily in Texas as prices of the lightweight metal slump to a six-year low.
The closures will be complete by the end of the second quarter, New York-based Alcoa said Thursday in a statement. The company will record a charge in the fourth quarter of about $120 million, or 9 cents a share, and as much as $60 million, or 5 cents, in the current period, Alcoa said.