Alcoa to Curtail 147,000 Metric Tons of Smelting Capacity at Two Smelters and Red Hat Fails to Deliver with Earnings
Alcoa Inc. (NYSE: AA) shares fell on Friday on news that it will cut capacity at two aluminum smelters in Brazil. The stock hit a yearly high of $12.75 before falling to close at $12.48 a share. The company announced that it will curtail 147,000 metric tons of smelting capacity at its Sao Luis and Pocos de Caldas smelters due to falling aluminum prices and rising costs. The move will leave the Pocos de Caldas smelter full idle. The mine, aluminum powder plant, and cast house at