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Alcoa Inc To Shut Italian Plant-DJ
Dow Jones reported that Alcoa Inc plans to permanently close its Fusina aluminum smelter in Italy and book a charge of up to $35 million for the move in order to cut capacity amid sluggish demand. The smelter in Venice, which has been largely idle since June 2010, has a capacity of 44,000 metric tons, out of a company total of 4.2 million. Alcoa has an additional 460,000 metric tons of smelting capacity under review. The Fusina facility employs 14 people. The company said it will work with unions to provide social support. The move will result in restructuring charges of about three cents a share, after taxes, in the second quarter.
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