- Alcoa (NYSE:AA) says it is permanently closing its Pocos de Caldas aluminum smelter in Brazil, which has been curtailed since May 2014.
- Alcoa says the closure "permanently removes a high-cost smelting facility from the Alcoa system and is another step in creating a more profitable primary metals business,"
- The company expects to book a restructuring charge of $100M-$110M in Q2, equal to $0.08-$0.09/share, 60% non-cash.
- Alcoa says its global smelting capacity will be reduced by 96K metric tons to 3.4M metric tons after the closure.