Alcoa’s Point Henry smelter to stay open until mid-2014

Jun 29, 2012 | 12:42 PM |

Tags  Alcoa, Alcoa of Australia, Alan Cransberg, Point Henry, aluminum smelter, aluminum prices, LME, aluminum premiums Shivani Singh

SINGAPORE — Alcoa Inc. plans to keep its 190,000-tonne-per-year Point Henry aluminum smelter in Australia operational at least until mid-2014.

The Pittsburgh-based aluminum producer placed the plant under review in February, and the three-month aluminum price has since dropped more than 18 percent.

The plant might have been saved by the promise of $40 million in government support over the next two years.

"Global market conditions such as exchange rates and the aluminum price have made the situation worse," Alcoa of Australia Ltd. chairman and managing director Alan Cransberg said. "However, thanks to the efforts of our work force and the support we have received from both the Australian and Victorian governments, (as well as) unions, contractors and suppliers, we believe we can minimize those losses."....

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