Alcoa Plans to Restart Brazil Aluminum Plant With Prices Soaring [Financial Post (Toronto, Ontario, Canada)]
Alcoa Corporation (AA)
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Source: Financial Post
The top U.S. aluminum producer and its partner South32 will spend about $75 million to restart Alumar in northeastern Brazil, it said in a statement Monday. The smelter, which has been fully curtailed since 2015, is set to produce its first molten metal in the second quarter of next year. 17 best online deals in the Canadian retail space right now Advertisement The decision, mentioned as a possibility in May, comes as one of the first signs that a massive rally is finally bringing more capacity on line. Used in everything from cars to beer cans, aluminum has nearly doubled over the past 18 months, transforming the fortunes of a long-struggling industry. Advertisement Article content Energy restrictions are part of the supply constraints. In Brazil, electricity represents more than 70% of the cost of producing the refined metal. With a protracted drought in Brazil restricting hydroelectric supply, Alumar will be powered with 100% renewable energy by 2024. The smelter is
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News
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AA
Earnings
- 4/17/24 - Miss
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