Key Developments: Alcoa Inc (AA)

AA on New York Consolidated

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17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Alcoa Inc to close Point Henry Aluminum Smelter and Rolling Mills in Australia
Monday, 17 Feb 2014 07:00pm EST 

Alcoa Inc:Says it will permanently close its Point Henry aluminum smelter and two rolling mills in Australia.Says the smelter and an adjacent rolling mill are located in Geelong, Victoria.Says the second mill and a recycling facility are located in Yennora, New South Wales.Says the smelter will close in August and the rolling mills by the end of 2014.  Full Article

Alcoa Inc to close Point Henry Aluminum Smelter and Rolling Mills in Australia
Monday, 17 Feb 2014 05:00pm EST 

Alcoa Inc:Says it will permanently close its Point Henry aluminum smelter and two rolling mills in Australia.The smelter and an adjacent rolling mill are located in Geelong, Victoria.Second mill and a recycling facility are located in Yennora, New South Wales.Says smelter will close in August and the rolling mills by the end of 2014.Point Henry smelter was placed under strategic review in February 2012 due to challenging market conditions.  Full Article

Alcoa Inc approves quarterly dividends
Friday, 17 Jan 2014 11:16am EST 

Alcoa Inc:Declares a quarterly common stock dividend of $0.03 per share payable Feb. 25 to shareholders of record at the close of business on Feb. 7.Declares a quarterly dividend of $0.9375 per share on Alcoa's $3.75 cumulative preferred stock payable Apr. 1 to shareholders of record at the close of business on Mar. 14.  Full Article

Alcoa Inc to close facility in New York-Reuters
Wednesday, 15 Jan 2014 04:25pm EST 

Alcoa Inc:Says it plans to permanently close the two potlines at its Massena East smelter in Massena, New York-Reuters.Says the lines are not competitive.Says the move will cut Alcoa's smelting capacity by 84,000 tonnes.Says its Massena West facility is not affected.  Full Article

Alcoa Inc resolves Alba matter with U.S. government
Thursday, 9 Jan 2014 04:31pm EST 

Alcoa Inc:Says the resolution of the investigations by the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) regarding certain legacy alumina contracts with Aluminium Bahrain B.S.C. (Alba).Says the settlement with the DOJ was reached with Alcoa World Alumina LLC (AWA).Says AWA is a company within Alcoa World Alumina and Chemicals (AWAC), the unincorporated bauxite mining and alumina refining venture between Alcoa Inc. and Alumina Limited.Says as part of the DOJ resolution, subject to final court approval later today, AWA will pay a total of $223 mln, including a fine of $209 mln payable in five equal installments over four years.Says the first installment of $41.8 mln, plus a one-time administrative forfeiture of $14 mln, will be paid in the first quarter of 2014, and the remaining installments of $41.8 mln each will be paid in the first quarters of 2015-2018.Says the $223 mln amount is within the range previously disclosed by Alcoa Inc. Says during the second quarter of 2013, Alcoa recorded a $103 mln charge for the DOJ investigation.Says it also settled civil charges filed by the SEC in an administrative proceeding relating to the anti-bribery, internal controls, and books and records provisions of the FCPA.Says under the terms of the settlement with the SEC, Alcoa Inc. agreed to a settlement amount of $175 mln, but will be given credit for the $14 mln one-time forfeiture payment.  Full Article

Alcoa Inc to pay $384 million over bribery charges - Reuters
Thursday, 9 Jan 2014 09:00am EST 

Alcoa Inc:Alcoa has agreed to pay $384 million to settle charges by the U.S. Securities and Exchange Commission and the U.S. Department of Justice related to charges of bribing foreign government officials - Reuters.Alcoa and its subsidiaries had been charged with violating the Foreign Corrupt Practices Act.  Full Article

Alcoa Inc signs supply contract with Airbus-Pittsburgh Business Times Online
Sunday, 15 Dec 2013 07:00pm EST 

Alcoa Inc:Alcoa Inc signs multi-year supply agreement with Airbus, valued at about $110 million, to provide value-add titanium and aluminum aerospace forgings - Pittsburgh Business Times Online.It will produce the parts at its recently upgraded facility in Cleveland.Alcoa Inc had already signed another multi-year agreement with Airbus to provide aluminum sheet, plate and hard alloy extruded products, valued at about $1.4 billion, in 2012.  Full Article

Alcoa Inc VSMPO-AVISMA To Form Joint Venture
Tuesday, 22 Oct 2013 06:00am EDT 

Alcoa Inc announced that and Russia`s VSMPO-AVISMA Corporation have agreed to join forces to meet growing demand for high-end titanium and aluminum products for aircraft manufacturers worldwide. The joint venture, which is expected to be operational in 2016, will capture opportunities in the global aerospace market. Based on Alcoa`s estimates as of October 8, 2013, the aerospace market is expected to grow by 9-10 % in 2013. Additional terms of the transaction were not disclosed.  Full Article

EU Court Orders Italian State To Recover Alcoa Inc Aid-Reuters
Thursday, 17 Oct 2013 12:00pm EDT 

Reuters reported that Europe's highest court ordered Italy on October 17, 2013 to take back about EUR295 million ($398 million) of state aid given to Alcoa Inc in the previous decade in the shape of a preferential power tariff. The judgment upholds a decision by the European Commission four years ago, when it said the tariff for Alcoa's Italian arm was illegal because it gave the Company an unfair advantage over rivals. The EU competition authority took Italy to court after it failed to claw back the aid. In its ruling, the Luxembourg-based European Union Court of Justice (ECJ) agreed with the EU competition authority.  Full Article

Alcoa Inc Comments On Q4 2013 Earnings Guidance - Conference Call
Tuesday, 8 Oct 2013 09:00pm EDT 

Alcoa Inc announced that for the fourth quarter of 2013, it estimates an approximately 25% earnings improvement versus last year driven by continued productivity, and a roughly 10% sequential decline due to seasonality and market conditions. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report earnings per share of $0.05, EBITDA of $553.08 million and Net Income of $73.61 million for the fourth quarter of 2013.  Full Article

UPDATE 1-Fitch cuts Alcoa to "junk" status

NEW YORK, April 11 (IFR) - Fitch Ratings cut aluminum maker Alcoa to "junk" status on Friday, citing expectations that the company's leverage will remain above that required for an investment-grade ranking.

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