Alcoa to curtail smelting plants in Italy, Spain

CHICAGO (MarketWatch)
Aluminum titan Alcoa Inc. said Monday it would curtail operations at three facilities in Italy and Spain by the first half of 2012.
The move is part of a plan unveiled Jan. 5 to close or curtail approximately 531,000 metric tons, or 12%, of Alcoa's global smelting capacity, to cut costs and increase the company's competitive position. The smelters at Portovesme, Italy and La Coruña and Avilés, Spain are "among the highest-cost producers in the Alcoa system," the company said.
Last week, Alcoa announced the permanent closure of its in Alcoa, Tenn. smelter, and two potlines at its Rockdale, Texas, smelter.
The company is set to release fourth-quarter results after Monday's closing bell.