While Alcoa experienced a drop in production in the second quarter of the year, the company is celebrating a 12 per cent revenue increase.
The drop in production was attributed to the full curtailment of the Kwinana refinery, which saw production decrease five per cent to 2.53 million tonnes.
Third-party shipments also experienced a five per cent decrease, also due to the curtailment at Kwinana.
However, revenue was on the up, increasing 12 per cent to $2.9 billion, with third-party revenue increasing five per cent on a seven per cent increase in average realised third-party price.
The feather in Alcoa’s cap for the second quarter was its acquisition of Alumina Limited, expected to close on August 1.
“It was another fast-paced quarter at Alcoa as we approach the closing of the acquisition of Alumina Limited and continue to execute initiatives to further enhance our operations,” Alcoa president and chief executive officer William Oplinger said.
“Our continuous improvement focus remains high and, along with positive markets, led to stronger results for the second quarter.”
Just yesterday, Alcoa shareholders gathered to vote on the company’s takeover, with around 99 per cent voting to close the deal at the start of August.
“The strong support from our stockholders reflects their recognition of this strategic step to enhance Alcoa’s global position as a leading pure-play, upstream aluminum company,” Oplinger said. “We are pleased to have reached this important milestone in the transaction.”
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