Alcoa employees in Spain vote to endorse improved restart plan

Alcoa Corporation announced that a majority of the workers at its San Ciprian complex in Spain have agreed to an improved plan for the restart of the aluminum smelter in 2024. In December 2021, Alcoa announced a two-year curtailment to work on plans for a stronger smelting facility, which had faced exorbitant energy prices that threatened its viability. In 2022, the Company announced the signing of two long-term wind power purchase agreements (PPA) to secure up to approximately 75 percent of the smelter’s needs at full capacity. The supply of energy will depend on the permitting and development of the windfarms. The updated agreement with the workforce provides a detailed schedule that will commence the restart process in phases beginning in January 2024. The agreement also includes increased investments in the facility and protections for the workforce. "With this latest agreement, we have additional flexibility and a clear direction for the future as we continue to work constructively with our workforce and other stakeholders to begin the restart process in 2024, supported by wind-based power agreements and increased investments designed to improve the smelter’s viability," said Alcoa President and CEO Roy Harvey. "We will continue to work cooperatively with the regional and national governments in Spain as we move forward with these plans." The Company has agreed to provide a total of $181 million for both capital investments and restart expenses, which is $78 million higher than the original agreement.