Aluminum producer Alcoa Inc said on Monday that it would spend $2.1 billion over five years to cut costs and raise output at three smelters in Quebec as part of its efforts to upgrade its operations.
Alcoa's Baie-Cameau, Deschambault and Becancour smelters would get new 25-year power supply contracts in the Canadian province, the company said, which will help it to hike its production capacity by 120,000 metric tons per year and reduce its costs by 13 percentage points at those plants.
Shares of Alcoa, which has targeted cost cuts across its operations, were down 1.8 percent at $10.73 on the New York Stock Exchange.
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