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Alcoa to take charge related to NY state river cleanup
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Thursday, 04 Oct 2012
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Reuters reported that aluminum company Alcoa Inc expects to record a charge of about USD 85 million in the Q3 related to an environmental clean up of a river near one of its US smelters.

The company confirmed that the US Environmental Protection Agency released a Proposed Remedial Action Plan (PRAP) for the Grasse River, close to Alcoa's Massena smelter in northern New York state, near the Canadian border. Alcoa has worked with the EPA and other agencies to evaluate remedial alternatives to address elevated levels of polychlorinated biphenyls (PCBs) in fish in the river.

The alternative proposed by the EPA is one of 10 clean up options evaluated in an analysis that Alcoa submitted. The PRAP is now open for public comment until November 15th 2012 after which the EPA will issue a final decision as to which method of cleanup to adopt.

Alcoa said that the majority of funding for the project will be spent between 2016 and 2020. The estimated cost for the proposed alternative is within the range Alcoa has previously disclosed. As a result, Alcoa expects to record an associated after tax charge of about USD 85 million or 8 cents per share, in its Q3 2012 results.

A company spokeswoman said that Alcoa has already spent over USD 200 million for clean-up operations following the use of PCB's at Massena as fire retardants in the 1950's and 60's.

Source - Reuters

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