Alcoa says it will halt curtailment plans for its San Ciprián aluminum smelter in Spain while it reviews a court decision related to a collective dismissal process.
As a result, Alcoa will not incur the expected Q4 restructuring charges of $35M-$40M, or $0.19-$0.22/share, for employee-related costs.
The company does expect to record a ~$10M negative impact on EBIT in Q4, due to a related labor strike at both the San Ciprián aluminum smelter and alumina refinery, which is not affected by the court ruling.
Alcoa announced on Oct. 9 that it planned to curtail the smelter's 228K metric tons/year of capacity and proceed with the collective dismissal of employees after completing four months of consultations with workers at the plant; the alumina refinery at San Ciprián was not included in the plan.
Aluminum prices surged to nearly two-year highs today following a report that European officials told the U.S. government that Russia's Oleg Deripaska continues to exert control over Rusal in what the officials said was a breach of U.S. sanctions.
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