Alcoa Corporation
Alcoa Announces Full Curtailment of Kwinana Alumina Refinery
Summary
On January 8, 2024, Alcoa Corporation announced the full curtailment of its Kwinana alumina refinery in Western Australia, beginning in the second quarter of 2024. The decision was based on the refinery's age, scale, operating costs, current bauxite grades, and market conditions. The curtailment will result in restructuring charges between $180 million and $200 million in the first quarter of 2024, with Alcoa's share between $76 million and $84 million. The refinery currently employs around 800 people, with plans to reduce the workforce to 250 by the third quarter of 2024 and further to 50 by the third quarter of 2025. The curtailment is expected to improve annual net income by approximately $70 million starting in the third quarter of 2024.
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About Alcoa Corporation
Alcoa Corporation is a premier global producer of aluminum, a key metal used extensively across various industries such as automotive, aerospace, construction, and packaging. Alcoa’s operations encompass the production of bauxite, mining, refining alumina, and the smelting and processing of aluminum products. Headquartered in Pittsburgh, Pennsylvania, Alcoa is known for its comprehensive supply chain management within the industry, contributing to its efficiency and competitive edge. The company holds a significant role in advancing sustainable practices in metal production, targeting reduced carbon emissions and increased recycling efforts. Innovations by Alcoa in aluminum solutions have made it pivotal in lightweighting applications, particularly in automotive and aerospace sectors, where reducing weight enhances fuel efficiency and performance. As one of the world's largest and most recognized aluminum companies, Alcoa Corporation contributes to global manufacturing capabilities, making it an integral player in both the primary and fabricated aluminum markets.
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