Alcoa, a lightweight metals manufacturer, including titanium, nickel and aluminum, has announced that it has entered into a three-and-a-half year agreement with New York State to increase the competitiveness of the Massena West smelter. The agreement will help maintain approximately 600 jobs in New York’s North Country, improve the cost position of the smelter and support growth projects for the cast-house.
With the Midwest transaction aluminum price down 30 percent year-to-date, Alcoa will continue with its other previously announced curtailments of uncompetitive smelting and refining capacity. Once the curtailments are complete, Alcoa’s smelting capacity will be reduced by 373,000 metric tons. The reductions will further improve the cost position of the upstream business and ensure competitiveness in a lower pricing environment.
Alcoa has been aggressively reshaping its upstream portfolio as part of a successful multi-year strategy to position itself as a low-cost global leader in alumina and aluminum production. The Company is on track to meet its 38th percentile target on the global aluminum cash cost curve in 2016.