Alcoa Details Timeline For Job Cuts
Alcoa (NYSE: AA) says most of the 600 workers it plans to let go in Warrick County will lose their jobs by April 7. Last month, the lightweight metals company announced the shutdown of its smelter operations in Newburgh.
Alcoa says the cutbacks do not affect the rolling mill and power plant at the massive Warrick Operations. In a notice to the state, the company says the layoffs will be of "indefinite duration."
Around one-third of Alcoa’s southwest Indiana work force will be cut.
In a statement last month, Alcoa Global Primary Products President Roy Harvey said "we recognize how deeply this decision impacts employees and we are committed to work closely with our employees, unions and community stakeholders to support them through this transition. Despite the hard work of employees, these assets are not competitive. We’re confident that these actions are the right ones in face of these challenging market conditions. We are committed to creating a resilient business ready for launch as an independent company in 2016."
Alcoa attributes the decision to a drop in the price of aluminum.