Glencore International Plc will look into new possibilities for an aluminium smelter in Italy which the U.S. group Alcoa Inc plans to close, Italy's industry ministry said as it tries to keep the plant running and save jobs.Alcoa said earlier this month it would close its Portovesme smelter on the Italian island of Sardinia and slash output at two Spanish smelters as part of a broader effort to cut its global output by 12 percent and reduce costs."The company (Glencore) has confirmed its intention to assess, starting in the next few days, the possible industrial and market prospects of Alcoa's plant," the ministry said in a statement on Tuesday after a meeting with Glencore's top management and Sardinia's President Ugo Cappellacci.The ministry said last week it would meet potential new investors in the plant and was also committed to finding "sustainable solutions" for the problem of high energy costs, which had been raised by Alcoa.
Alcoa Inc. (Alcoa) is engaged in the production and management of aluminum, fabricated aluminum, and alumina combined, through its participation in mining, refining, smelting, fabricating, and recycling. Shares of AA fell by 1.12% or $-0.115/share to $10.14. In the past year, the shares have traded as low as $8.45 and as high as $18.47. On average, 30980400 shares of AA exchange hands on a given day and today's volume is recorded at 4268482.
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