Alcoa Secures Long-Term Power for Norwegian Aluminum Plant, Ensuring Production Stability
AA has more than doubled off its 52-week low of $27.72.
Summary
Alcoa has signed two new power agreements with Statkraft, securing approximately 4.8 TWh of electricity for its Lista aluminum plant in Southern Norway from 2028-2031. This follows the recent successful restart of Production Line 2 at the Lista smelter to its full 95,000 metric tonnes capacity. Securing long-term, predictable power supply is critical for the power-intensive aluminum production, de-risking operations, and providing cost certainty for a key asset. This agreement supports continued production and future development at the plant, which is important given the company's recent Q1 decline in net income and negative cash flow.
At the time of this announcement, AA was trading at $62.15 on NYSE in the Manufacturing sector, with a market capitalization of approximately $16.3B. The 52-week trading range was $27.72 to $84.38. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.