Latest news with #BillOplinger
Yahoo
2 days ago
- Business
- Yahoo
Alcoa halts Canada growth projects amid US tariffs pressure
US-based aluminium company Alcoa has halted growth projects in Canada citing the impact of US tariffs, reported Bloomberg. The negotiation deadline for a new economic and security deal between the countries is 1 August. Alcoa is contemplating requesting aid from the Canadian Government to sustain its aluminium operations in Quebec. CEO Bill Oplinger said in an interview: "The profitability of Quebec is severely impacted. 'The longer this goes, the more damage it will do to the competitiveness of the Quebec assets – and the Canadian Government understands that.' The tariffs, aimed at bolstering US manufacturing, are paradoxically undermining Alcoa, a significant US aluminium producer with substantial Canadian operations. Despite the company's robust domestic production, Alcoa relies on its three smelting and casting facilities in Quebec to meet US demand. However, the tariffs have forced the company to redirect shipments intended for the US to other markets. "We are doing everything we possibly can to ship tons that are normally destined for the US to other parts of the world," added Oplinger. Following an earnings report that showed an additional $115m in tariff-related costs for the second quarter, Alcoa is considering lobbying for support from both the Canadian federal and Quebec governments. The trade turbulence has affected numerous metal producers since the US import tariffs on steel and aluminium were increased, with Rio Tinto also reporting significant tariff-induced costs. Alcoa's executives are now scrutinising capital investments in Quebec, with growth projects on hold pending tariff resolution. The company is also preparing for potential tariff costs from Brazil, where it sources alumina, by considering alternative supply options. "Alcoa halts Canada growth projects amid US tariffs pressure" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Alcoa CEO Says Trump Tariffs Force a Pause for Canada Growth Projects
(Bloomberg) -- Alcoa Corp., the storied US metals producer, is feeling the pinch of President Donald Trump's tariffs and has been forced to pause work on all its growth projects underway in Canada. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital Milan Corruption Probe Casts Shadow Over City's Property Boom LA Homelessness Drops for Second Year If the levies stay in place, Chief Executive Officer Bill Oplinger warns that the American manufacturer may need to turn to the Canadian government for help. For now, Oplinger said he's waiting until Aug. 1 — the negotiation deadline for a new economic and security deal between Canada and the US — to decide whether Alcoa will push for assistance from the Canadian government, financial or otherwise, to support the aluminum operations the company has in Quebec. 'The profitability of Quebec is severely impacted,' Oplinger said in a Friday interview. 'The longer this goes, the more damage it will do to the competitiveness of the Quebec assets. And the Canadian government understands that.' Alcoa's challenges show how US levies on aluminum, aimed at boosting American manufacturing, are now hurting the largest US producer of the metal used in everything from soda cans to cars. While Pittsburgh-based Alcoa has a lot of domestic production, it also depends on operations in Canada to meet demand. The company owns three smelting and casting facilities in Quebec that largely feed American customers. The firm is typically one of the largest suppliers to the US, but is now rerouting cargoes because of the levies. 'We're doing everything we possibly can to ship tons that are normally destined for the US to other parts of the world,' Oplinger said. Oplinger's comments follow an earnings report on Wednesday that revealed Alcoa paid an additional $115 million in tariff-related costs in the second quarter. The company could look into lobbying both Canada's federal government and the Quebec government for support if tariffs stay in place. The firm is among many metal producers navigating trade tumult after the Trump administration raised US import tariffs on steel and aluminum — first to 25% in March, and then to 50% in June. Rio Tinto Plc said Wednesday that its Canadian-made aluminum generated costs of more than $300 million in the first half due to tariffs. The company also told local media in June that it implemented a hiring freeze at smelters across Quebec. Alcoa's executives are now 'looking very hard at capital investments' in Quebec, Oplinger said. 'The plans we had for growth projects in Quebec are on hold until we have some resolution on the tariffs.' Nearly 40% of Alcoa's metal produced in Quebec can be diverted to non-US customers, mostly in Europe and elsewhere in Canada, though weakened demand overseas has hampered the prospects for producers to reroute shipments entirely. The company has warned it could face further tariff costs if Trump follows through on threats to place 50% tariffs on Brazil, where Alcoa sources alumina to feed its US plants. Oplinger said he's now deciding whether to preemptively source alumina outside of Brazil in anticipation of those prospective levies. The Alcoa executive was appointed CEO in 2023 after serving as the firm's Chief Operations Officer and, previously, Chief Financial Officer. 'I've been with Alcoa for over 25 years and I think this is easily the most extreme trade uncertainty we've seen,' he said on Friday. --With assistance from Mathieu Dion. A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Bloomberg
5 days ago
- Business
- Bloomberg
Alcoa CEO Says Trump Tariffs Force a Pause for Canada Growth Projects
Alcoa Corp., the storied US metals producer, is feeling the pinch of President Donald Trump's tariffs and has been forced to pause work on all its growth projects underway in Canada. If the levies stay in place, Chief Executive Officer Bill Oplinger warns that the American manufacturer may need to turn to the Canadian government for help.
CNBC
7 days ago
- Business
- CNBC
Alcoa CEO: We're shipping metal destined to U.S. to other parts of the world to mitigate tariff costs
Bill Oplinger, Alcoa CEO, joins 'Closing Bell Overtime' to talk quarterly results ahead of the earnings call.
Yahoo
08-05-2025
- Business
- Yahoo
Alcoa Corporation Names Thomas J. Gorman as Board Chairman
PITTSBURGH, May 08, 2025--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA; ASX: AAI) (the "Company" or "Alcoa") announced that its Board of Directors (the "Board") has named Thomas J. Gorman as non-executive Chairman of the Board, effective today, May 8, 2025, immediately upon the conclusion of the Company's 2025 Annual Meeting of Stockholders. Mr. Gorman has served as an independent director of the Board since May 2021, and succeeds Steven W. Williams in that position, who stepped down from the Board effective today after over eight years of service. Mr. Williams served as the Company's non-executive Chairman since January 2021 and as a director on the Board since Alcoa's launch as a public company in 2016. William (Bill) Oplinger, the Company's President and Chief Executive Officer and a director on the Board, thanked Mr. Williams, "On behalf of the Board, I sincerely thank Steve for his service and contributions to Alcoa as a director, and for his leadership as Chairman of the Board. Steve has provided significant guidance and insight during his tenure, and we look to build on this legacy in 2025 and beyond." Regarding Mr. Gorman's appointment, Bill Oplinger said, "Tom has brought over 35 years of global business knowledge to the Board, gained from his extensive experience with complex, international operations at industry-leading companies over the course of his career. The Company will continue to benefit from his leadership, operational, and strategic expertise and global perspective in his role as Chairman as we continue to pursue our strategic goals." Mr. Gorman most recently served as the Chair of the People and Compensation Committee as well as a member of the Governance and Nominating Committee of the Board. He served as Chief Executive Officer, and held other executive roles, with Brambles Ltd., an Australian global supply chain logistics company, from 2008 until his retirement in 2017. Prior to that, Mr. Gorman held several senior executive positions over an extensive career at Ford Motor Company including as President of Ford Australia. Mr. Gorman said, "I am honored to be appointed as Chairman of the Alcoa Board. I look forward to continuing to work closely with my fellow directors, CEO Bill Oplinger, and the entire Alcoa leadership team to continue to advance the Company's position as the leading upstream aluminum company." About Alcoa Corporation Alcoa is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate. Dissemination of Company Information Alcoa intends to make future announcements regarding company developments and financial performance through its website, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Cautionary Statement on Forward-Looking Statements This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aim," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "potential," "projects," "reach," "seeks," "sees," "should," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa's filings with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. View source version on Contacts Investor Contact:Yolande Media Contact:Courtney
