Century Aluminum: Closing smelter to cost M
Posted by anzhuo on December 30th, 2015
Century Aluminum Co. expects to take up to million in charges for shutting down its Ravenswood smelter, according to a Securities and Exchange Commission filing.Laying off most of the smelter's remaining 650 employees accounts for the bulk of the charges, according to the filing. Monterey, Calif.-based Century estimated severance costs will range from million to million. Most are expected to be out of work by Feb. 20.Laying off 120 hourly and salaried workers due to idling one production line cost approximately million, Century said.Canceling contracts will account for another million to million in charges, though the document filed Tuesday says the company expects a gain of million for curtailing some pensions.
Century said cash expenditures for closing Ravenswood should total about million over the coming two years.Separately, a team of state agencies put together to help Century workers navigate the closure is due at the plant Friday.Century announced plans to close the 51-year-old operation Feb. 4 because of a drop in aluminum prices and increased operating costs. The company still operates smelters in Kentucky and Iceland.
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