Alcoa Gets Government Funding to Keep Australia Smelter Open

Date : 06/28/2012 @ 10:28PM
Source : Dow Jones News
Stock : Arconic Inc. (ARNC)
Quote : 25.92  0.75 (2.98%) @ 5:07PM

Alcoa Gets Government Funding to Keep Australia Smelter Open

Alcoa (NYSE:AA)
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   By Robb M. Stewart 
 

MELBOURNE--Aluminum giant Alcoa Inc. (AA) said Friday it expects to operate its Point Henry aluminum smelter near Melbourne until at least mid-2014 as it cuts costs and accepts more than A$40 million in government funding in an effort to minimize losses.

Alcoa said in a statement it expects to cut about 10% of the workforce at the smelter, which has been hit by weaker metal prices and a strong Australian dollar.

Write to Robb M. Stewart at robb.stewart@dowjones.com

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