DOW JONES NEWSWIRES ---- Alcoa Inc. （AA） authorized a stock contribution of up to $600 million to the aluminum producer's defined benefit pension plans, saying it expects to complete the contribution in the first quarter.
The stock contribution will improve the funded status of Alcoa's pension plans and provide financial flexibility, the company said Friday. Alcoa also intends to make additional cash contributions of about $300 million this year to improve the funded status of the plans.
Alcoa, which has moved to end pension coverage for some employees by shifting them to 401（k）-type retirement plans, made a similar $600 million contribution to the fund last year, also in the form of Alcoa shares.
Earlier this month, Alcoa reported it swung to a fourth-quarter profit as the economic recovery boosted demand for aluminum, and prices are expected to continue to climb this year.
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