Trending...
- Slotozilla Reports Strong Growth in Q2 2026
- LCC Asia Pacific Sponsors CubeSatPlus 2026 at UNSW Sydney
- Eric Snyder, President and Chief Executive Officer of Keystone Consulting Engineers Named to LVB 300
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE:AA) today announced the closure of its Intalco aluminum smelter in Washington State, which has been fully idle since 2020.
The closure announcement begins a process to prepare the site for new economic development opportunities.
"The Intalco smelter site operated for nearly 55 years, and we've spent significant time evaluating options for the asset, including a potential sale," said Alcoa President and CEO Roy Harvey. "Our analysis, however, indicates that the facility cannot be competitive for the long-term.
"The site is an important part of our history, and we are encouraged by the prospects for potential economic development via another entity that will own and control land at the site," Harvey said. "We will continue to engage with our stakeholders, including community members and government officials, as we make this transition."
Pursuant to an agreement with AltaGas (TSX: ALA), AltaGas has acquired the rights to develop and own approximately 1,600 acres at the Intalco site, which includes transportation and utility infrastructure.
"AltaGas is currently exploring potential development which would align with Washington state and Whatcom County's climate ambitions and provide long-term, sustainable benefits to the community and the local economy," said Randy Toone, President Midstream at AltaGas. "We understand the rich legacy and importance of this site to the community. We look forward to working with local stakeholders, Tribes and Alcoa to ensure potential development benefits the region and positively contributes to the ongoing energy transition."
Permanently closing Intalco's 279,000 metric tons of annual capacity will bring Alcoa Corporation's global consolidated capacity to 2.69 million metric tons, including a combined 399,000 metric tons at two other smelters in the United States.
More on The PennZone
Alcoa will record restructuring and related charges in the first quarter 2023 of approximately $120 million (pre- and after-tax), or $0.67 per share, related to the permanent closure. Cash outlays related to the permanent closure of the site are expected to be approximately $85 million over the next three years, with approximately $25 million to be spent in 2023.
The Intalco smelter was fully curtailed in the third quarter of 2020, amid declining market conditions and high input costs. The smelter, which began operation in 1966, lacks access to competitively priced power and would have required significant capital expenditures to restart.
The site currently has 19 employees; some will remain to assist with the closure-related activities that allow opportunities for future redevelopment. Support services will be provided for those displaced by the closure decision.
About Alcoa Corp.
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.
More on The PennZone
Forward-Looking Statements
This press release contains statements that relate to future events and expectations, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aim," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "potential," "projects," "reach," "seeks," "sees," "should," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation's filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
Contacts
Investor:
James Dwyer
412-992-5450
James.Dwyer@alcoa.com
Media:
Jim Beck
412-315-2909
Jim.Beck@alcoa.com
The closure announcement begins a process to prepare the site for new economic development opportunities.
"The Intalco smelter site operated for nearly 55 years, and we've spent significant time evaluating options for the asset, including a potential sale," said Alcoa President and CEO Roy Harvey. "Our analysis, however, indicates that the facility cannot be competitive for the long-term.
"The site is an important part of our history, and we are encouraged by the prospects for potential economic development via another entity that will own and control land at the site," Harvey said. "We will continue to engage with our stakeholders, including community members and government officials, as we make this transition."
Pursuant to an agreement with AltaGas (TSX: ALA), AltaGas has acquired the rights to develop and own approximately 1,600 acres at the Intalco site, which includes transportation and utility infrastructure.
"AltaGas is currently exploring potential development which would align with Washington state and Whatcom County's climate ambitions and provide long-term, sustainable benefits to the community and the local economy," said Randy Toone, President Midstream at AltaGas. "We understand the rich legacy and importance of this site to the community. We look forward to working with local stakeholders, Tribes and Alcoa to ensure potential development benefits the region and positively contributes to the ongoing energy transition."
Permanently closing Intalco's 279,000 metric tons of annual capacity will bring Alcoa Corporation's global consolidated capacity to 2.69 million metric tons, including a combined 399,000 metric tons at two other smelters in the United States.
More on The PennZone
- Nearly One-Third of CRE Asset Managers Make Major Capital Decisions on Gut Instinct, New Survey Finds
- RemoteBridge Names Dr. John N. Just, Ed.D. Chief Executive Officer
- Project CIVICA Report Finds 10,680 Non-Citizen Indicators on New York Voter Rolls — Including 88 Records with Recent Voting History
- New Analysis Details Three Converging Forces in AI and Workforce Policy Behind a $37 Billion GDP Reduction
- Grace Montessori School Earns Prestigious American Montessori Society Accreditation
Alcoa will record restructuring and related charges in the first quarter 2023 of approximately $120 million (pre- and after-tax), or $0.67 per share, related to the permanent closure. Cash outlays related to the permanent closure of the site are expected to be approximately $85 million over the next three years, with approximately $25 million to be spent in 2023.
The Intalco smelter was fully curtailed in the third quarter of 2020, amid declining market conditions and high input costs. The smelter, which began operation in 1966, lacks access to competitively priced power and would have required significant capital expenditures to restart.
The site currently has 19 employees; some will remain to assist with the closure-related activities that allow opportunities for future redevelopment. Support services will be provided for those displaced by the closure decision.
About Alcoa Corp.
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.
More on The PennZone
- Revenue Optics Launches Pricing and Revenue Growth Management Practice, Names Shafohi Alamgir Vice President
- Popular AI planner Voiset launches version 2.0 and enters MENA at LEAP 2026 with full Arabic support
- CasaPerks and CredHub Partner to Help the Multifamily Industry Strengthen Resident Activation Through Credit-Building Rewards
- NaturismRE expands international research programme with Health & Wellbeing Survey
- L2 Aviation and Gotonomi Extend UAV Connectivity Beyond Cellular Reach
Forward-Looking Statements
This press release contains statements that relate to future events and expectations, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aim," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "potential," "projects," "reach," "seeks," "sees," "should," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation's filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
Contacts
Investor:
James Dwyer
412-992-5450
James.Dwyer@alcoa.com
Media:
Jim Beck
412-315-2909
Jim.Beck@alcoa.com
0 Comments
Latest on The PennZone
- Real Estate Syndication Attorney Tilden Moschetti Releases The Real Estate Private Equity Blueprint
- 5X Gross Margin Improvement to Beat EPS Consensus; $54.6 Million 10-Year Contract Award Puts Cybersecurity Leader on Path to a $30 Million Run Rate
- Tina Hasselbusch, Turnstone Creative Co-founder and Chief Executive Officer, Named to LVB 300
- Pittsburgh Family Law Attorneys at Pollock Begg Earn Top Honors in 2027 Best Lawyers Guide
- Independent Colbert Packaging Thrives Amid Industrywide Consolidation
- Free Commercial Glass Estimating and Code Compliance Tools Launched by Landmark Construction - The Leading Glass Company in Los Angeles
- Tallahassee Million-Dollar Home Sales Rise in 2026 as Median Selling Time More Than Doubles
- Slotozilla Reports Strong Growth in Q2 2026
- Eric Snyder, President and Chief Executive Officer of Keystone Consulting Engineers Named to LVB 300
- Philadelphia's Girls Anthem to Host The Locker Room Experience Pop-Up for Young Women
- Flexible Plan Investments Names Carl Resnick President
- Paula Josephine Sadler Releases "Imagine" on 24th Anniversary of Sobriety
- Ritz-Carlton Residences Houston Generates Strong Early New Construction Sales at 2120 Post Oak Blvd
- No Sugar Baker Continues National Growth with Seattle Market Expansion Across Washington, Idaho, and Alaska
- The Refugee Archive Launches Campaign to Preserve 21 Female-Headed Household Oral Histories in Rebel-Controlled Goma
- Sharon Pinkenson Chosen as Philly Girl Top 40 Winner
- Space Ambitions Expanding as New Testing Builds on NASA Results and Targets MEO, GEO and Next-Generation Orbital Markets: Ascent Solar Technologies
- FDA Path Clears, Manufacturing Ramps Up + $22.3 Million Strengthens the Balance Sheet; Inflection Point for NRx Pharmaceuticals (N A S D A Q: NRXP)
- Charmaine Thompson Turns Pain Into Purpose Through Woman of Power Charmcare
- Buy Retatrutide Research Peptide: Why Reta Is Getting So Much Attention