PITTSBURGH, July 08, 2022--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA) today announced that construction will soon begin on a project to increase the casting capabilities at its Deschambault smelter in Canada to include standard ingots.
The new casting equipment will be constructed in an existing building, with the project fully complete in the first quarter of 2023. The output from the approximately $8 million return-seeking capital investment will complement the site’s two existing vertical casting pits, which exclusively cast T-bar ingots.
Adding standard ingot casting to the site’s capabilities will allow greater flexibility for alloying in smaller batches to meet customer needs for value-add products such as foundry alloys for the automotive industry. Each standard ingot weighs approximately 10.5 kilograms.
"We are working directly with a customer to bring this production capacity online to meet specific needs in the North American market," said Kelly Thomas, Executive Vice President and Chief Commercial Officer. "Providing this increased capability at Deschambault is a direct result of collaboration with our location and our customers, and we are proud to see this work get underway."
Earlier this year, the Deschambault smelter, which is celebrating its 30th anniversary this year, completed the installation of additional electrical infrastructure that will allow it to continue to creep its production. The smelter has a nameplate capacity of 287,000 metric tons of aluminum per year.
About Alcoa Corporation Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.
Learn more about Alcoa’s sustainability strategy and social, economic, and environmental progress at www.alcoa.com/sustainability.
Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.
Forward-Looking Statements This press release contains statements that relate to future events and expectations, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aim," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "potential," "projects," "reach," "seeks," "sees," "should," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation’s filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220708005035/en/
Investor Contact: James Dwyer 412-992-5450 James.Dwyer@alcoa.com
Media Contact: Jim Beck 412-315-2909 Jim.Beck@alcoa.com
Q.: My wife inherited a 401(k) from my mom who died recently. Assuming this is a traditional 401(k), you are correct that whatever comes out of the account will be likely be taxable to you. Transfer your wife’s share of the money to an Inherited 401(k) with the company that held your mom’s 401(k).
Verizon stock is moving lower after an earnings miss and dip in wireless subscriber growth.
Michael Burry, who bet on the collapse of subprime credit, does not hesitate to give his opinion on market developments.
Snap Inc. has never been an investor-friendly company as long as those investors weren't their founders, and the parent company of the Snapchat app made that even clearer Thursday.
This money management maven doesn't mince words when it comes to what you shouldn’t be doing with your money.
Yahoo Finance Editor-in-Chief Andy Serwer discusses Berkshire's stake in Occidental Petroleum and what that indicates to investors.
Snap's 40% stock price crash on Friday after a dismal second quarter earnings report and brutal call is well warranted, one analysts explained to Yahoo Finance.
Fed’s zigzagging policies could ultimately lead to an outcome similar to what happened in its fight against inflation four decades ago.
Fewer are reverting to traditional office jobs, with a growing number seeking nontraditional roles, or even the opportunity to start a new business.
In this article, we discuss the 10 stocks that Jim Cramer is talking about. If you want to read about some more stocks that Jim Cramer is talking about, go directly to Jim Cramer Is Talking About These 5 Stocks. Recession fears in the United States have reached fever pitch as even veteran stock market […]
We’re supposed to be energy independent. What gives?
Anthony Scaramucci, the short-lived White House communications director under Donald Trump, is a bitcoin evangelist.
The energy industry had some of the hottest stocks on the market over the past two years, but with fears of a recession potentially dampening demand for oil and gas, the S&P 500 Energy index is down 25% since its peak last month. The cost of a barrel of oil is down to around $100 per barrel, and gasoline at the pumps has broken from its record high last month of $5 a gallon.
Cleveland-Cliffs (CLF) delivered earnings and revenue surprises of -2.24% and 4.23%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?
Verizon is set for its worst week since October 2008, but it's sitting on must-hold support right now.
Just where is the stock market going, that’s the question investors are trying to answer. The answer isn’t fully clear, though; markets have fallen for most of this year, but the last few days have seen the best trading in weeks. The problem is, investors and economists aren’t sure if we’re at a true bottom or just in the midst of a bear market rally. What happens next is anyone’s guess, but the history of bears and rallies can offer some suggestions. Looking back to the end of the Second World
The Dow Jones fought back. Tesla stock rocketed after Elon Musk gave an update on its "best product ever." Apple stock popped. Bitcoin fell.
U.S. stocks were under pressure Friday afternoon as a disastrous quarter from Snap weighed on the broader tech sector.
(Bloomberg) -- The housing market correction that’s taking hold in Canada could turn out to be its biggest in recent history, according to a new forecast from the country’s largest bank.Most Read from BloombergThree Arrows Founders Break Silence Over Collapse of Crypto Hedge FundTrump Insiders Recall How He Spurned Pleas to Act as Riot RagedAmericans Who Can’t Afford Homes Are Moving to Europe InsteadMusk Lieutenant Scrutinized in Internal Tesla Purchasing ProbeStocks End Three-Day Rally on Tech
One of Biden’s top energy aides confirmed Friday that no extension of releases from the Strategic Petroleum Reserve - scheduled to end this fall - is in the offing. But added a promise that it’s not going to lead to any supply shocks.