Alcoa (AA) said Tuesday it has formed a joint venture with Ignis EQT to restart operations at its San Ciprian aluminum facility in Spain, giving Alcoa a 75% stake and operating control, with Ignis EQT holding the remaining 25%.
Alcoa contributed $81 million to the venture, while Ignis EQT contributed $27 million. Alcoa said it could provide an additional $108 million in funding for operations if necessary.
The deal supports plans to restart the San Ciprian smelter this year, after it was idled in 2021 due to high power prices, Alcoa said.
The smelter posted a $50 million pre-tax loss last year, and Alcoa said it now expects a loss of $80 million to $100 million, with negative cash flow ranging from $90 million to $110 million.
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