Alcoa to Cut Smelting Capacity by 12% After Aluminum Decline
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Alcoa Inc., the biggest U.S. aluminum producer, will close 12 percent of its global smelting capacity after the price of the lightweight metal slumped amid a global surplus.
The company will permanently close its smelter at Alcoa, Tennessee, and two of six idled potlines at its Rockdale, Texas, plant, eliminating 291,000 metric tons of annual capacity, the New York-based company said yesterday in a statement. An additional 240,000 tons of curtailments will be announced “in the near future.”