Alcoa Corp. said Friday it is curtailing its San Ciprián aluminum smelter in Spain in move that will impact about 530 positions. The company said it made the decision after reviewing all options and holding consultations with workers representatives for four months during a potential sale process. The process is expected to be finished in the first quarter of 2021 and about 100 workers will remain to operate a portion of the casthouse until then. The company is expecting to book charges of about $35 million to $40 million in the fourth quarter, equal to 19 cents to 22 cents a share of earnings. “Alcoa notes that the workers’ representatives have previously stated publicly that they intend to challenge the collective dismissal in a legal proceeding,” the company said in a statement. “Should this occur, Alcoa will defend its actions, but the timing and amount of the charges could be impacted.” Shares were not active premarket, but have fallen 41% in the year to date, while the S&P 500 has gained 6.7%.
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