Alcoa to close Intalco Works smelter near Ferndale, lays off around 700 employees
Alcoa Corporation announced that it will close its Intalco Works smelter near Ferndale amid declining market conditions, laying off around 700 employees.
The curtailment is expected to be complete by the end of July 2020. The announcement was made in a news release on Wednesday afternoon, April 22.
“While our employees have worked diligently to improve the facility, the smelter is uncompetitive, and current market conditions have exacerbated the facility’s challenges,” said Alcoa President and CEO Roy Harvey in the news release. “This is difficult because of the impact on our employees, and we will ensure appropriate support as we work to safely curtail the facility.”
Since the beginning of the year, aluminum prices have fallen more than 20 percent, down 45 percent from highs in 2018. In the first quarter of 2020, the Intalco smelter lost $24 million.
https://www.msn.com/en-us/money/companies/alcoa-to-close-intalco-works-smelter-near-ferndale-lays-off-around-700-employees/ar-BB133yah?ocid=hplocalnews
