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Alcoa Corporation Provides Update Regarding Wenatchee Smelter in Washington State

ALCOA (AA)  More Company Research Source: Business Wire
Last alcoa earnings: 7/18 04:10 pm Check Earnings Report
US:NYSE Investor Relations: investors.alcoa.com
PDF PITTSBURGH--(BUSINESS WIRE)-- Alcoa, a global leader in bauxite, alumina and aluminum products, announced today that it will make a $62.4 million payment under an electricity supply agreement for its smelter in Wenatchee, Washington, and will permanently close one of four potlines at the fully curtailed facility. In connection with the planned payment on June 19, 2018, and the closure of the one potline, the Company will record an estimated charge of $73 million (pre- and after-tax), or $0.39 per share, in the second quarter of 2018. The payment to the Chelan Public Utility District (Chelan PUD) was triggered by a recent decision of Alcoa management to not restart the Wenatchee smelter within the term provided in the amended electricity supply agreement. Under the agreement, which expires on October 31, 2028, Alcoa receives 26 percent of the electric generation from two Chelan PUD hydropower [Read more]

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