Industry News

Alcoa reaches strategic deal with IGNIS EQT for continued operations at San Ciprián smelter

Views : 16
Update time : 2024-10-21 17:19:09
Alcoa Corp., a leading aluminum producer in the US, has reached a strategic cooperation agreement with IGNIS Equity Holdings, SL (IGNIS EQT), a Spain-based energy company, for a fund to support the operation of Alcoa’s San Ciprián smelter.

According to the deal, Alcoa would invest EUR 75 million, and IGNIS EQT would make an initial investment of EUR 25 million.

Alcoa will continue to be the managing operator of the San Ciprián operations, with IGNIS EQT holding a 25% ownership.

In the later phase, Alcoa would give a fund of up to EUR 100 million based on the needs, prioritizing future cash returns. Any additional funding will be shared 75% by Alcoa and 25% by IGNIS EQT.

This proposed agreement is subject to approvals by key San Ciprián’s stakeholders, including the Spanish government, the Xunta de Galicia, San Ciprián employees, and Works Councils.
Related News
Read More >>
Rio Tinto completes acquisition of Sumitomo's 20.64% stake in New Zealand's aluminium smelter Rio Tinto completes acquisition of Sumitomo's 20.64% stake in New Zealand's aluminium smelter
Nov .01.2024
Rio Tinto completes acquisition of Sumitomo's 20.64% stake in New Zealand's aluminium smelter
BAB Aluminium's decades of innovation in aluminium seating solutions BAB Aluminium's decades of innovation in aluminium seating solutions
Nov .01.2024
BAB Aluminium's decades of innovation in aluminium seating solutions
Tariffs on aluminium extrusions dismissed: US ITC's decision brings reimbursement for importers Tariffs on aluminium extrusions dismissed: US ITC's decision brings reimbursement for importers
Nov .01.2024
Tariffs on aluminium extrusions dismissed: US ITC's decision brings reimbursement for importers
Rio Tinto suspends operations at Simandou iron ore project due to fatal incident Rio Tinto suspends operations at Simandou iron ore project due to fatal incident
Nov .01.2024
Rio Tinto suspends operations at Simandou iron ore project due to fatal incident