Alcoa Corp (AA): restructuring charge — Alcoa to fully curtail Kwinana alumina refinery; Q1 restructuring charge $180M-$200M

Alcoa Corp

Restructuring charges $180M-$200M in Q1 2024; Alcoa's share after-tax $76M-$84M ($0.42-$0.47/share).
Workforce cuts from ~800 to ~250 by Q3 2024 when production ceases; further reduction to ~50 by Q3 2025.
Annual net income improvement of ~$70M beginning Q3 2024 vs refinery's 2023 net loss of ~$130M (pre-tax).
Non-cash DD&A of ~$40M/yr will continue while refinery is curtailed.
Cash outlays of ~$115M split $80M in 2024 and $35M in 2025.

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 between $180 million and $200 million affecting Kwinana alumina refinery located in Western Australia (approximately 800 employees and this number will be reduced to approximately 250 in the third quarter of 2024).

Type: restructuring
Charge: between $180 million and $200 million
Affected area: Kwinana alumina refinery located in Western Australia
Headcount: approximately 800 employees and this number will be reduced to approximately 250 in the third quarter of 2024

Exact text from the filing

In the first quarter of 2024, Alcoa will record restructuring charges between $180 million and $200 million related to the curtailment of the Refinery.

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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 0001157523-24-000034

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