Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Alcoa Corp said on Wednesday that the Portland Aluminium smelter in the Australian state of Victoria would begin reducing overall production because of operational instability.

Production at the smelter is to be reduced to about 75% of the total consolidated capacity of 358,000 metric tons per year, the company said.

Alcoa Corp’s share of that total capacity is 197,000 metric tons per year.

Portland Aluminium is an unincorporated joint venture, in which Alcoa of Australia Limited has a 55% stake, CITIC Nominees Pty Ltd has a 22.5% stake and Marubeni Aluminium Australia Pty Ltd holds the remaining 22.5%.

“Our teams are focused on safely taking the production offline and working to restore stability across the facility,” Bill Oplinger, Executive Vice President and Chief Operations Officer at Alcoa, said in a press release.

“Completing this task in a controlled fashion is our priority as we work to improve operations.”

The smelter has recently experienced challenges related to the production of rodded anodes, which are essential to convey electricity into the smelting pots, Alcoa said.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Euro Area posts EUR 6.7 billion trade surplus in AugustEuro Area posts EUR 6.7 billion trade surplus in August The Euro Area registered a trade surplus of EUR 6.7 billion in August, swinging from a EUR 54.4 billion deficit in the same month of 2022, data by Eurostat showed on Monday.Total exports decreased at an annual rate of 3.9% to EUR 221.6 […]
  • Forex Market: GBP/NOK daily trading forecastForex Market: GBP/NOK daily trading forecast Yesterday’s trade saw GBP/NOK within the range of 10.3910-10.4781. The pair closed at 10.4643, gaining 0.51% on a daily basis.At 7:08 GMT today GBP/NOK was up 0.38% for the day to trade at 10.4799. The pair touched a daily high at 10.4810 […]
  • Forex Market: GBP/BGN trading outlook for April 25thForex Market: GBP/BGN trading outlook for April 25th Friday’s trade saw GBP/BGN within the range of 2.4741-2.5145. The pair closed at 2.5103, surging 1.14% on a daily basis. It has been the 14th gain in the past 22 trading days and also the sharpest one since October 22nd 2015, when the pair […]
  • Forex Market: USD/JPY daily trading forecastForex Market: USD/JPY daily trading forecast Friday’s trade saw USD/JPY within the range of 124.08-125.08. The pair closed at 124.22, down 0.42% on a daily basis, or the most considerable daily loss since July 27th, when it depreciated 0.42%. The daily high has also been the highest […]
  • Natural gas inventories rise overall in range of expectationsNatural gas inventories rise overall in range of expectations According to the U.S. Energy Information Administration, natural gas inventories rose a bit more than expected during the week ending July 5. The fuel kept falling on the day as weather forecasting models showed below-normal temperatures […]
  • AbbVie Inc. share price up, board shifts stance on merger with Shire PlcAbbVie Inc. share price up, board shifts stance on merger with Shire Plc AbbVie Inc.s board advised shareholders to vote against the takeover deal with Shire Plc., due to new tax rules imposed by the U.S. Treasury Department.The U.S. government has been trying to tune down overseas mergers for some time now and […]