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Alcoa (NYSE:AA) is preparing to announce it will curtail production at its Kwinana alumina refinery in Western Australia, one of its three facilities in the area, Bloomberg reported Monday, as it begins to reckon with cost-cutting measures.
Kwinana has the capacity to produce 2.2M metric tons of alumina, accounting for ~1.2% of global output of the raw material, according to the International Aluminum Institute; it currently produces at ~80% capacity.
Alcoa (AA) shares fell for a second straight year in 2023, although it rebounded 26% in December after it won conditional permission for its bauxite mines in Western Australia to keep operating.
Alcoa (AA) said in October it started job cuts at the plant and would take a $6M charge related to employee severance costs to be paid through Q1 2024.
