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Alcoa expects $40 million-$50 million hit from restarting Canada smelter

Reuters

(Reuters) - Aluminum producer Alcoa Corp said on Tuesday it expects to incur a charge of between $40 million and $50 million in the second half of 2019, related to restarting operations at its Canadian smelter in Becancour, Quebec.

An 18-month lock out between the company and workers at the Aluminerie de Bécancour Inc smelter ended on Tuesday as about 80% of the workers voted to ratify the latest contract, according to the United Steelworkers union.

Alcoa said it expects the smelter, which has an annual capacity of 413,000 metric tons per year, to restart on July 26.

The company said it expects a charge of between 22 cents and 27 cents per share in the second half of 2019.

(Reporting by Soundarya J in Bengaluru)