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Managing through the economic downturn
Globally, Alcoa continues to take a range of decisive actions to manage through the economic downturn.
Globally (actions taken during 2009)
- $2 Billion in Procurement Efficiencies by 2010
- $400 Million in Overhead Rationalization by 2010
- Capital Expenditures Reduced to $850 Million Sustaining Rate in 2010
- $800 Million of Working Capital Cash Improvement in 2009
- Quarterly Dividend Reduced from $.17 to $.03, Saving More Than $400 Million Annually
- Public Offering of Approximately $1.1 Billion of Common Stock and Convertible Notes
- Smelting Output Reduced 750,000 mtpy, or 18% of Output
- Reduction in Headcount by 13,500 (13% of Global Workforce) and an Additional 1,700 Contractor Positions
- Freezing Salaries and Hiring
- Selling Four Non-Core Downstream Businesses
- Reducing 2009 Capital Expenditures by 50%
- Taking Advantage of New Sourcing For Raw Materials
- Exchanging Equity Stakes with Orkla; Alcoa To Take 100% Ownership of 2 Elkem Smelters For its 45% Stake in SAPA
- After-Tax Charges For 4Q 2008 Range from $900 to $950 Million, 80% Non-Cash
Australia
- Work suspended on the proposed expansion of the Wagerup Refinery (Wagerup 3) until market conditions improve
- Curtailment of Portland Aluminium’s production by 15 per cent
- Reduction in contractors and consultants
- Salary freezes (lifted January 2010)
- Capital reductions
- Restricted travel
- Minimisation of new employees
- Salary rise deferrals for many EBA employees
- Voluntary redundancies
- Planned five-day shutdown of Alcoa Australia Rolled Products in Geelong
- Redundancies at Alcoa Australia Rolled Products
For more, visit our past media statements:
11 January 2010
Alcoa Inc Finishes 4Q 2009 Strong; Free Cash Flow Positive, Revenues Up 18%
3 December 2009
Alcoa Australia Rolled Products announces business restructure
2 November 2009
Staff restructure complete at Portland Aluminium
7 October 2009
Alcoa Inc Strengthens Cash Position and Returns to Profitability in Third Quarter
21 August 2009
Workforce restructuring program underway
30 July 2009
Voluntary redundancies accepted at Portland Aluminium
22 July 2009
Planned five-day shutdown of Alcoa Australia Rolled Products
8 July 2009
Alcoa Inc Second Quarter 2009 Results – Solid Cash Performance
2 July 2009
Portland Aluminium curtailment complete
16 June 2009
Alcoa Victorian Operations responding to global financial crisis
12 June 2009
Cost reduction program process continues at Portland Aluminium
12 June 2009
Alcoa Victorian Operations responding to global financial crisis
10 June 2009
Alcoa Point Henry responding to global financial crisis
Alcoa Point Henry considering options to ensure sustainability
29 April 2009
Plan for management of Portland Aluminium through downturn
7 April 2009
Alcoa Inc Reports 1st Quarter 2009 Results
16 March 2009
Alcoa Takes Decisive Action: Cost Structure Improved and Liquidity Reinforced
12 January 2009
Alcoa Inc Reports 4th Quarter 2008 Results
7 January 2009
Alcoa of Australia’s position following Alcoa Inc’s announcement today (6 January 2009 USA)
6 January 2009
Alcoa Taking Decisive Action to Address Economic Downturn
26 November 2009
Alcoa to curtail Portland Aluminium production
11 November 2008
Global financial crisis puts Wagerup 3 on hold
10 November 2008
Alcoa to Curtail Additional 350,000 mtpy of Aluminum Production Across Its Global Smelting System
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