Alcoa to shut Sao Luis smelter in Brazil
March 30 (Reuters) - Aluminum maker Alcoa Inc said on Monday it would shut the remaining 74,000 metric tons of capacity at its Sao Luis smelter in Brazil due to weak metal prices and high costs.
The refinery at Sao Luis will continue normal operations, Alcoa said.
The company said on March 6 that it would evaluate 500,000 metric tons of smelting capacity and 2.8 million metric tons of refining capacity for possible curtailment, closure or sale.
Once smelting is stopped at Sao Luis on April 15, Alcoa will have idled about 740,000 metric tons, or 21 percent, of its smelting capacity, the company said.
Alcoa idled 97,000 tons of smelting capacity at Sao Luis in 2014.
Alcoa, whose shares were up 1 percent at $12.83 in premarket trading, said it would record a charge of 1 cent per share in the first quarter to reflect the Sao Luis closure.
Up to Friday's close, Alcoa's shares had fallen about 20 percent this year. (Reporting by Rohit T. K. in Bengaluru; Editing by Ted Kerr)
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