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PITTSBURGH & QUEBEC--(BUSINESS WIRE)--Nov. 22, 2004--Alcoa (NYSE:AA) today announced the Syndicat des Metallurgistes unis d'Amerique (local 9700) has approved a new five-year labor agreement at the company's ABI smelter in Quebec. The plant, which has been operating at one-third its capacity since July, will now begin steps to ramp-up to full production.
"We are happy that we have been able to reach this agreement," said Louis-Regis Tremblay, ABI president and general manager. "With the help of our conciliator, we were able to reach an agreement that has satisfied both parties, addresses aspects within our previous offer, and allows this facility to be competitive on a global scale. We appreciate the efforts of Jean Beauchesne, our conciliator, community leaders, and our employees in resolving this issue. These have been very difficult times for the last 5 months for all concerned. We now look forward to working together to realize the potential that we all know is possible for our facility, as we begin efforts to take the smelter back up to full production in a safe and timely manner."
The ABI smelter is a 403,000 metric tons a year facility with three potlines. It is 75 percent owned by Alcoa and 25 percent owned by Alcan, with Alcoa being the operating partner.
Alcoa plans to restart the second and third potlines within the facility as soon as possible, with full production expected to be reached by the end of April 2005. Alcoa's restart costs are estimated at approximately $12 million pre-tax over the next five months, with approximately $4 million affecting the fourth quarter of 2004. The costs are in addition to the previously announced impact of the strike, including the loss of production in the first half of 2005.