Alcoa Takes Full Ownership of Aluminum Smelters
Alcoa (headquartered in Pittsburgh, Pa.; http://www.alcoa.com) has reached an agreement to acquire the minority interests in its Intalco and Eastalco aluminum smelters in Ferndale, Wash. and Frederick, Md. Affiliates of both Mitsui & Co. Ltd. and YKK Corp. will sell their combined 39 percent stake in the two smelters, which will result in Alcoa having sole ownership of the two facilities. Alcoa will receive undisclosed cash consideration to cover liabilities relating to the prior operation of the smelters. The Intalco smelter is a 278,000 metric-ton-per-year facility and is operating at approximately one-third its capacity. The 195,000 metric-ton-per-year Eastalco smelter was temporarily idled in December 2005 because it could not secure a competitively priced long-term power arrangement.