- Alcoa (NYSE:AA) +1.2% premarket after announcing it will curtail all remaining smelting capacity at its Sao Luis facility in Brazil as it continues to optimize its commodity business.
- As a result, AA says it will take a restructuring related charge of $10M-$15M, or $0.01/share, in its Q1.
- AA says the curtailment is in line with its earlier announcement to evaluate 500K metric tons of smelting capacity and 2.8M metric tons of refining capacity for possible curtailment, closure or sale.
- Once the Sao Luis facility is curtailed, AA will have ~740K metric tons, or 21%, of its smelting capacity offline.