Alcoa Corp (AA): restructuring charge — Alcoa permanently closes Intalco smelter; records $120M restructuring charge

Alcoa Corp

Permanent closure of 279K mtpy Intalco smelter (idle since 2020); charges of ~$120M pre/after-tax ($0.67/share).
Cash outlays of ~$85M over three years, ~$25M in 2023 for decommissioning and demolition.
AltaGas acquires rights to develop ~1,600 acres at the site, including transportation and utility infrastructure.
19 employees currently at the smelter; some will remain to assist with closure and redevelopment.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Alcoa Corp announced a restructuring with charges of approximately $120 million affecting Intalco aluminum smelter (19 employees).

Type: restructuring
Charge: approximately $120 million
Affected area: Intalco aluminum smelter
Headcount: 19 employees

Exact text from the filing

to prepare the site for potential redevelopment will begin immediately. The Company will record restructuring and related charges in the first quarter of 2023 of approximately $120 million (pre- and after-tax), or $0.67 per share, related to the permanent closure of the Smelter. These charges include: approximately $17 million of asset impairments; approximately

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Alcoa Corp filing history →

Source: SEC EDGAR

accession 0001157523-23-000452

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