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Alcoa Updates Impact of Hurricane Dean on Jamalco Operations in Jamaica
PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it has completed its damage and impact
assessment at its Alcoa World Alumina and Chemicals (AWAC) alumina
refinery and port which were affected by Hurricane Dean in August.
As previously announced, the refinery operations were halted on August 18th
in advance of the hurricane. The refinery remained curtailed until power
could be restored and production has begun.
The majority of the impact for Jamalco occurred at the port in Rocky
Point, Clarendon, which will require significant repairs and temporary
logistical support for shipping alumina while repair work is completed.
This work includes preparing storage for alumina which is currently
limiting production to 50 percent of capacity, with full operation
anticipated by early November. Taking into consideration insurance
coverage, the total Alcoa impact from the hurricane –
including lost production, business interruption and repairs –
is estimated to be $10 million after-tax, the majority being in the 3rd
quarter.
Jamalco is 55 percent owned by Alcoa World Alumina and Chemicals and 45
percent owned by the Government of Jamaica. Alcoa World Alumina and
Chemicals is a global alliance between Alcoa and Alumina Ltd., with
Alcoa holding 60 percent.
As previously announced, the Company continues to make good progress
addressing outages and curtailment costs at its Alcoa, TN and Rockdale,
TX smelters which are expected to be consistent with those in the second
quarter of 2007.
Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina facilities, and is active in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation and
industrial markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses to customers. In addition to aluminum
products and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 116,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland. More
information can be found at www.alcoa.com.
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