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Alcoa Revises Schedule for Modernization of Baie-Comeau Smelter
The new potline is now expected to be in service in 2019 instead of 2016, subject to board approval. The change is due to current market conditions. The USD 100 million investment includes USD 30 million that will be used to upgrade the plant’s casthouse facilities in support of the growing automotive market. This is in addition to the USD 75 million already dedicated to rebuild the port facilities to better meet the future needs of a modernized plant. The closure of the two Soderberg potlines, which are among the highest-cost smelting capacity in the Alcoa system, will be complete in August. The two lines represent 105 000 t of capacity, and are part of the 460 000 t of smelting capacity Alcoa announced was under review on 1 May. The revised project schedule will not impact Alcoa’s commitments to the Government of Québec, and will have a positive effect on the environment. As agreed in November 2011, the company will provide USD 50 million over 25 years to the Economic Development Fund managed by the Government of Québec, and will continue to contribute to its Alcoa Sustainable Communities Fund with an investment of USD 10 million over 25 years for the Baie-Comeau community. In addition, the closure will result in an immediate 40 % reduction in greenhouse gas emissions for the Baie-Comeau facility. Capital costs outlined in the announcement are included in the company’s 2013 plan. Total 2013 restructuring-related charges associated with the closure outlined above are expected to be between USD 135 million and USD 155 million after tax, or USD 0,11 to USD 0,13 per share, of which approximately 30 % would be recorded in the second quarter. Cash costs during 2013 are expected to total approximately USD 100 million. (7/2013)