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| October 23, 2008
Alcoa to Reduce Production at Pt. Comfort, TX Refinery 25%
PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it will reduce production at its Point
Comfort, Texas alumina refinery by approximately 25 percent, or a
reduction of approximately 550,000 metric tons per year, by the end of
November.
The curtailment of two digesters at the Point Comfort facility follows
Alcoa’s announcement last month to curtail
production at its Rockdale, Texas aluminum smelter as a result of
uncompetitive power supply to that smelter and overall market conditions.
“Aluminum prices have fallen dramatically over
the past few months,” said Bernt Reitan, Alcoa
Executive Vice President and President –
Global Primary Products. “We are reviewing
each and every potline across our entire global smelting system and we
are doing the same with each digester within our worldwide refining
system. We will continue to take steps to match production with demand
in the marketplace, focusing on our highest cost operations.”
As a result of the curtailment at Point Comfort, the workforce will be
adjusted accordingly, with the majority of the impact on contractors at
the refinery. Costs for the curtailment will not be material.
The Point Comfort refinery is part of Alcoa World Alumina and Chemicals
(AWAC), a global alliance between Alcoa and Alumina Ltd, with Alcoa
holding 60 percent.
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation 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, and building systems. The Company has
97,000 employees in 34 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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