Dallas, Texas 02/26/2014 (FINANCIALSTRENDS) – Alcoa Inc (NYSE:AA) latest round of asset making and collateral building has taken this aluminium raw material seeker and innovative light-weight fabric or material maker into the depths of Quebec.
In a press release dated Feb 25, the industry-conforming aluminium maker noted that it has found unique and profitable solution for its smelters in Quebec. Where the earlier intention was too restructure its smelter in Quebec-BaieComeau, the company will now use the same asset to generate power.
Alcoa Inc (NYSE:AA) which operates from tis Pittsburgh location explained as part of the press release that it will no longer attempt to replace its old potlines at Baie-Comeau. That the earlier plan was in line with over all policy the aluminium maker was attempting to bring in more profitability was acceptable. For earlier two older potlines located at Soderberg were closed. This was during the third quarter of the previous fiscal. The closure resulted in the closure of a smelter which had capacity in the region of 105,000 tonnes. Now however, Alcoa Inc (NYSE:AA)will only seek to decommission the potlines and will not go the full path to demolition of the potline.
Alcoa Inc (NYSE:AA) has in the past trading session been very active, with a downward slide of over 1.27%. The market capitalization of this company is $12.52 billion and the Dividend is 0.03, while yield currently is 1.03. EPS 2.14 and Beta 1.83.
Meanwhile Alcoa Inc (NYSE:AA) is expected to found and become member of the National Lightweight as well Modern Metals Innovation Institute in Detroit. The focus of this group will be lightweight metals.
This announcement was made by President Obama himself at the White House. In his Presidential note, he predicted that this hub will hold the road map to building things in the near future across the country. The hub will be one of the four centers where it will see advanced manufacturing processes.