Alcoa Inc. on Friday said it is considering curtailing aluminum smelting and refining operations via closures and divestment as part of a continuing effort to improve its profitability.
Over the next year, Alcoa said it would consider curtailing, shutting down or shedding up to 14% of its global smelting capacity and 16% of its refining capacity. The company said has already idled some of its operations.
The New York-based aluminum firm with major operations in Pittsburgh has been benefiting from past efforts to close unprofitable smelters in high-cost areas. The company said it has curtailed, closed or sold about 31% of its highest-cost global smelting capacity since 2007.
Following a two-day decline, the cash price of primary Indian aluminum climbed up 0.5% to end at INR 112.80 ($1.81) per kilogram on Thursday, March 5. On the LME, the aluminum 3-month price increased 0.4% to $1,803 per metric ton. At $1,786, the cash price of primary aluminum finished the market day on the LME up 0.2% per metric ton.
Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum showed little movement yesterday at CNY 12,830 ($2,045) per metric ton. Chinese aluminum billet saw little change in its price on Thursday at CNY 12,840 ($2,047) per metric ton. Chinese aluminum bar held its value yesterday at CNY 13,620 ($2,171) per metric ton. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,500 ($1,993) per metric ton.