Alcoa Completes Sales of Warrick Rolling Mill to Kaiser Aluminum
Alcoa Corporation has completed the sale of the rolling mill and associated assets near Evansville n Indiana, held by Alcoa Warrick LLC, to Kaiser Aluminum Corporation. The sale closed on March 31, 2021. In accordance with the previously announced sale agreement, Alcoa Corporation received total consideration of approximately USD 670 million, including the assumption by Kaiser of related other postretirement employee benefit liabilities. The consideration amount is subject to customary post-closing adjustments. Alcoa retains ownership of the 269,000 metric tons of smelting capacity at the Warrick smelter, the Warrick electric generating units, and land holdings in Warrick County, Indiana. As part of the sale, Alcoa has entered into a market-based metal supply agreement, a long-term ground lease, and a transition services agreement with Kaiser.
Kaiser Aluminum Corporation, headquartered in Foothill Ranch in California, is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, custom automotive, general engineering, and other industrial applications.