Pechiney Nederland N.V., a wholly-owned subsidiary of AlcanInc., will conduct a strategic review of alternatives, including thepotential sale of the aluminum smelter in Vlissingen, in which it holds an 85percent interest. On-going negotiations involving a consortium ofenergy-intensive companies have so far failed to satisfy the smelter'srequirements for a long-term competitive energy supply.
"In view of the current status of these energy negotiations,Pechiney Nederland N.V. is conducting this review in an attempt to determinean alternative long-term future for the Vlissingen smelter, including apotential sale," said Wolfgang Stiller, member of Pechiney Nederland N.Vsupervisory board and President, Alcan Primary Metal, European operations andglobal anode business. "This review follows approximately two years ofexploration for alternative energy sources for the smelter, which includedextensive cooperation from the Dutch Government," he added.
The Vlissingen smelter employs approximately 700 people andhas a capacity of approximately 200,000 tonnes. It mainly produces aluminiumbillet for end-use in the European engineered products market. It is part ofAlcan's global network of 21 smelters which represent a capacity of 3.4million tonnes.
"Alcan's on-going strategy is to invest primarily in low-costsmelters. At the energy price levels currently proposed by the consortium,the future of the Vlissingen smelter within Alcan is no longer guaranteed,"said Jean-Philippe Puig, President, Alcan Primary Metal, Europe.
Approximately 90 percent of Alcan's energy supply is securedfor the long term, and some 50 percent of its energy requirements are metthrough self generated power, compared to an industry average of 25 percent.The company increased its production in the first quartile of the industrycost curve from 44 percent in 2004, to 48 percent in 2005, and is pursuingits objective of having 55 percent of smelter production in the firstquartile of the industry cost curve by 2009.
Alcan Inc. (NYSE: AL , TSX: AL) is a leading global materialscompany, delivering high quality products and services worldwide. Withworld-class technology and operations in bauxite mining, alumina processing,primary metal smelting, power generation, aluminum fabrication, engineeredsolutions as well as flexible and specialty packaging, today's Alcan is wellpositioned to meet and exceed its customers' needs. Alcan is represented by65,000 employees in 61 countries and regions, and posted revenues of US$20.3billion in 2005. The Company has featured on the Dow Jones SustainabilityWorld Index consecutively since 2003.
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