It is reported that U.S. aluminium producer Alcoa Inc (AA.N) plans an orderly shutdown of its two Italian smelters by Feb. 6, despite government efforts to find energy at a competitive price.

The press release is quoted as saying:

The Italian government had presented the aluminum giant with an offer that would not necessarily forestall a smelter shutdown, but could lead to further discussions and a possible restart.In November, Alcoa said it would temporarily idle operations at the smelters with a total capacity of 194,000 tonnes a year after the European Commission ordered it to pay back most of the state aid it had received in Italy since 2006. As a result Alcoa anticipates a cash payment of $300-400 million and said it could not assume further financial risk.

Click here to access the entire press release

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