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Alcoa cuts 500 jobs, 2 production lines in Canada

Thursday - 5/16/2013, 3:38pm  ET

NEW YORK (AP) -- Aluminum smelter and parts-maker Alcoa says it will close down two production lines at a plant in Canada and cut about 500 jobs there because of lower aluminum prices.

A planned upgrade for the facility in Quebec is being pushed back by three years, to 2019, the company said.

Alcoa has seen strong demand for aluminum, but prices have fallen. Those lower prices were a factor when Alcoa reported lower-than-expected first-quarter revenue last month.

On May 1 it said it might cut capacity by 11 percent, or 460,000 tons, besides the 13 percent of its capacity it had already idled. The Soderberg production lines Alcoa is shutting down account for 105,000 tons of capacity.

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