Alcoa Announced MoU to Support the Continuation of San Ciprian Operations

SEATTLE (Scrap Monster): To provide assistance for the continuance of San Ciprian operations, Alcoa Corporation announced a memorandum of understanding (MoU) with stakeholders. Alcoa Inespal SL, IGNIS Equity Holdings, SL, the Spanish National Government, and the Xunta de Galicia are among the parties to the Memorandum of Understanding.

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The MoU focuses on a number of issues and areas of cooperation in an effort to enhance the long-term prospects for the San Ciprian operations. These include measures to streamline the permission of renewable energy projects, support for the approval of capital projects in the residue storage area, and efforts to give considerably higher CO2 compensation assistance. For the stability of the operations, the MoU also commits to ongoing communication with the representatives of San Ciprian's workforce.

"Alcoa expects to use the momentum created by signing the Memorandum of Understanding to advance dialogue with our remaining stakeholders, particularly the national Trade Unions and the local Workers Council, and reach the final elements necessary for San Ciprian's future," said Alvaro Dorado Baselga, Global Vice President of Energy for Alcoa.

Due primarily to the high cost of energy, San Ciprian has been experiencing a difficult economic climate. Later in October of last year, Alcoa, which has been running San Ciprian for a number of years, partnered strategically with IGNIS EQT.