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Alcoa closes aluminum production plant in Italy

Representatives of the company «Alcoa» (Pittsburgh, USA) announced their intention to close the plant by «Fusina» aluminum producer, which is located in Venice (Italy). This measure will lead to the fact that in the second quarter of 2013, the corporation will suffer losses, estimated at 30−35 mln. US dollars.

Production capacity at the plant «Fusina» gradually declining since June 2010. Full stop of the enterprise will reduce aluminum output «Alcoa» 44 th. Tons (by far the organization produces a total of about 4.2 million. Metric tons of aluminum). However, this is only part of the program of the organization to reduce the rate of output: previous guidance of US corporation planned production capacities have been revised, which — according to preliminary data — will be reduced by another 460 thousand metric tons per year.

According to Bob Wilt (head of the department of primary production «Alcoa»), the reasons for which were initiated reduction of production capacity at the Fusina plant in 2010, today has not changed. To date, the international price of aluminum kept at a very low point, and the corporation simply forced to take unpopular measures to maintain its position in the market. By the way, in a communiqué management organization reported that during the closure of the Italian plant without a job can stay a group of employees of the enterprise. But this guide «Alcoa» assures that the plans to fully cooperate with trade unions to provide social assistance to victims of forced dismissal of staff.

Recall that «Alcoa» is a leading manufacturer of aluminum sector (third in the world for resource release level), but because of the stable tendency to reduce the price of this metal on the global market (despite the planned reduction in production), the corporation is experiencing serious difficulties iz for overcapacity.

Recently, it was reported that the well-known rating agency «Moody's Investors Service» (Boston, USA) reduced the rating of the corporation «of Alcoa» to «speculative territory.» Bureau experts say that the current market situation will continue to interfere with the aluminum giant to repay its own debt.

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