Alcoa, a prominent player listed on the New York Stock Exchange under the ticker symbol NYSE:AA, is gearing up to announce a significant decision – the curtailment of production at its Kwinana alumina refinery located in Western Australia, as reported by Bloomberg on Monday.

Kwinana boasts a production capacity of 2.2 million metric tons of alumina, representing approximately 1.2% of the global output of this crucial raw material, as per data from the International Aluminum Institute. Currently, the plant is operating at around 80% of its maximum capacity.

In 2023, Alcoa (AA) witnessed a decline in its shares for the second consecutive year. However, there was a positive turn of events in December when its shares rebounded by 26%. This recovery came after the company received conditional permission to continue operations at its bauxite mines in Western Australia.

Furthermore, Alcoa (AA) had disclosed in October the commencement of job cuts at the Kwinana plant and had also made provisions for a $6 million charge related to the costs of employee severance. These costs are scheduled to be incurred through the first quarter of 2024.