secwatch.observer — SEC 8-K summary
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Issuer:     Alcoa Corp (AA)
CIK:        0001675149
Form:       8-K
Filed at:   2024-01-09T23:59:59+00:00
Accession:  0001157523-24-000034
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Alcoa to fully curtail Kwinana alumina refinery; Q1 restructuring charge $180M-$200M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1675149/000115752324000034/0001157523-24-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1675149/000115752324000034/a53878971.htm
  HTML page:      https://secwatch.observer/filing/0001157523-24-000034

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