Employees at Alcoa’s San Ciprián facility in Spain vote to endorse improved restart plan for aluminum smelter
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA) today announced that a majority of the workers at its San Ciprián complex in Spain have agreed to an improved plan for the restart of the aluminum smelter in 2024.In December 2021, Alcoa announced a two-year curtailment to work on plans for a stronger smelting facility, which had faced exorbitant energy prices that threatened its viability. In 2022, the Company announced the signing of two long-term wind power purchase agreements (PPA) to secure up to approximately 75 percent of the smelter’s needs at full capacity. The supply of energy will depend on the permitting and development of the windfarms.The updated agreement with the workforce provides a detailed schedule that will commence the restart process in phases beginning in January 2024. The agreement also includes increased investments in the facility and protections for the workforce.“With this latest agreement, we have additional flexibility and a clear direction for
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AA
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