- Alcoa (NYSE:AA -0.4%) appoints a new head of its aluminum business and unveils a plan to consolidate its business units to reduce complexity.
- Effective immediately, the aluminum smelting, cast products and rolled products businesses, along with most energy segment assets, will be combined into a new Alcoa Aluminum business unit; as a result, AA's three business units are Alcoa Bauxite, Alcoa Alumina and Alcoa Aluminum.
- Tim Reyes will run the aluminum business, replacing Martin Briere, who has been president of the unit since 2014 and will leave the company; Reyes has been president of Alcoa cast products, a unit that produces differentiated aluminum products, since 2015.