Date: 17 December 2019 , 17:52
News ID: 7990
NEWS SERVICE: Non-Ferrous

Liberty House Chairman considers buying Alcoa’s Portland aluminium smelter in Victoria

Liberty House Chairman Sanjeev Gupta is reportedly considering buying the Portland aluminium smelter in Victoria, in an attempt to save the Australian facility from likely closure.
Liberty House Chairman considers buying Alcoa’s Portland aluminium smelter in Victoria

The fate of one of Alcoa’s worst-performing smelters has been under a cloud for months, as the high cost of electricity threatened its future viability. In October, the company had announced its plans to sell up to $1 billion assets as well as closures of facilities around the world, in a bid to boost its bottom line and cut greenhouse gas emissions.

Gupta’s Liberty House Group has been in preliminary discussions with Alcoa and other stakeholders, including the Victorian government, over the last few weeks about the purchase of the plant, as part of a global expansion in the aluminium sector.

The Liberty House Group currently owns two smelters – one in Fort William, Scotland and the other in Dunkrik, France, which was purchased from Rio Tinto for US$500 million in 2018.

Union officials representing Alcoa staff in October had assured that workers would do all they could to save the plant from closure, including the possibility of accepting wage freezes.  

"Alcoa closing in Portland would be devastating to the south-western Victorian economy," Ben Davis, the state secretary of the Australian Workers Union, said.

He also said, "The AWU is always committed to doing anything it can to keep Alcoa operating in Portland."

The negotiations between Liberty House Group and Alcoa are continuing and the deal is not yet guaranteed.

source: ALCIRCLE.COM
Alcoa Aluminium Economy Rio Tinto
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
One last month
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Seven last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Seven last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Six last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Six last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like