Alcoa To Dismiss Employees At Two Spanish Smelters - Quick Facts

(RTTNews) - Alcoa Corp. (AA) announced its intention to begin a formal consultation process for collective dismissals that would affect all employees at its Avilés and La Coruña aluminum plants in Spain. Avilés employs 317 employees and La Coruña 369. An analysis of Alcoa's operations in Spain found that organizational improvements could be achieved if the company ceased production at its Avilés and La Coruña facilities and reorganized production at a single plant in San Ciprián, which produces both alumina and aluminum.

Alcoa also announced that, effective November 1, 2018, the presidents of its Bauxite, Alumina, and Aluminum segments will report to Harvey. Tómas Sigurðsson will assume the role of Senior Vice President, Strategic Alliances. Sigurðsson will no longer serve as the company's Chief Operating Officer, and the role will be eliminated.

The company also announced that its Board authorized a common stock repurchase program under which Alcoa may purchase up to $200 million of its outstanding common stock, depending on cash flow availability, market conditions, and other factors. This program does not have a predetermined expiration date.