Alcoa
This article contains content that is written like an advertisement. (September 2023) |
chairman ) | |
Products |
|
---|---|
Revenue | US$10.55 billion (2023) |
US$−584 million (2023) | |
US$−651 million (2023) | |
Total assets | US$14.16 billion (2023) |
Total equity | US$4.251 billion (2023) |
Number of employees | 13,600 (2023) |
Website | alcoa |
Footnotes / references Financials as of December 31, 2023[update]. References: [1] |
Alcoa Corporation (an
Alcoa emerged in 1888 as the brainchild of Charles Martin Hall, with the funding of Alfred E. Hunt and Arthur Vining Davis. Alcoa was the first mass producer of aluminum. Prior to Alcoa's formation, aluminum was difficult to refine, and a result was more expensive than silver or gold.[5] In 1886, Hall discovered the Hall–Héroult process, the first inexpensive technique for refining aluminum, drastically reducing the price of aluminum, while increasing its availability. Hall approached Hunt and Davis to form a company to bring his process to market; the three founded Alcoa as the Pittsburgh Reduction Company, which expanded quickly. Hunt died in 1898 after fighting in the Spanish–American War. The company changed its name to the Aluminum Company of America in 1907. Alcoa increased production 40% during World War I, and was an important supplier of Aluminum in World War II.
In the 2000's, Alcoa purchased numerous competitors, including Reynolds Group Holdings (makers of Reynolds Wrap). On November 1, 2016, Alcoa Inc. split into two entities: a new one called Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminum, and the renaming of Alcoa Inc. to Arconic Inc., which processes aluminum and other metals.[6] Alcoa has been criticized for its lax environmental record; in 2010 it was the 15th worst polluter in the United States.
History
Hall's patent
In 1886,
Probably fewer than ten sites in the United States and Europe produced any aluminum at the time.[
After graduating from Amherst College in 1888, Arthur Vining Davis joined the new venture because Arthur's father knew Alfred Hunt. At the time, aluminum sold at almost $5 per pound, making it too expensive to be used commercially. They were determined to lower the cost of production using Charles Hall's ideas; Hall, Davis and others worked 12-hour days together for months on the experiments. Their first commercial aluminum pour was on Thanksgiving Day in 1888.[7]
Pittsburgh Reduction Company
The Pittsburgh Reduction Company began with an experimental smelting plant on Smallman Street in
Hunt's departure
Hunt took leave from the company in 1898 to fight in the Spanish–American War. While in Puerto Rico, he contracted Malaria. Less than a year after his return to the states, he died from complications of the disease at age 44.[8]
By about 1903, after a settlement with Hall's former employer, and while its patents were in force, the company was the only legal supplier of
By 1902 New Kensington consisted of 173,000 sq. feet on 15 acres with 276 employees and the company operated hydropower and reduction plants in Niagara Falls, NY (1895),
From 1902 until 1915 additional plants in
The World Wars
Historian George David Smith notes that "war was good to Alcoa."[12] By the end of World War I Alcoa's New Kensington facility accounted for 3,292 workers—a fifth of the local population—and covered over 1 million square feet of manufacturing space on 75 acres.[11] The war enabled Alcoa to increase production by 40%, and to export some ninety million pounds to the Western Allies.[12]
After WWI, Alcoa obtained the rights to
Davis was named chairman of Alcoa's board of directors in 1928 and remained in that role for thirty years until his retirement.[citation needed]
In 1938, the Justice Department charged Alcoa with illegal monopolization and demanded that the company be dissolved. The case of United States v. Alcoa was settled six years later.
Aluminum products were of crucial use during World War II.[12] A German U-Boat sank the SS Alcoa Puritan in 1942, as it carried a load of bauxite ore.[15]
Alumax
In 1998, Alcoa acquired
Reynolds
In 2000, Alcoa acquired
Cordant
In 2000, Alcoa also purchased Cordant Technologies Inc. for $57 a share in cash, or $2.3 billion, and also assumed $685 million of Cordant's debt for a total transaction value of $2.9 billion. Cordant's divisions included Huck Fasteners, Jacobson Mfg. Co., Continental/Midland Group, its 85% interest in Howmet International Inc., and Thiokol Corporation.[19][20][21] In 2001, Alcoa sold Thiokol for $2.9 billion to Alliant Techsystems (ATK).
Chalco
Alcoa purchased an 8% stake of
Chemicals
In 2004, Alcoa's
Corporate relocation
In 2006, Alcoa relocated its top executives from Pittsburgh to New York City while their operational headquarters was still located at its Corporate Center in Pittsburgh. Alcoa employed approximately 2,000 people at its Corporate Center in Pittsburgh and 60 at its New York office.[26] Alcoa moved its headquarters back to Pittsburgh effective September 1, 2017, as part of a general consolidation of administrative facilities around the world.[27][28] In October 2018, Alcoa announced plans to move from Pittsburgh's North Shore to a downtown Pittsburgh location.[29]
Alcan bid
In May 2007, Alcoa Inc. made a US$27 billion
Alcoa was named one of the top three most
On May 8, 2008, Klaus Kleinfeld was appointed CEO of Alcoa, succeeding
Recycling
On July 16, 2012, Alcoa announced that it would take over full ownership and operation of Evermore Recycling and make it part of Alcoa's Global Packaging group. Evermore Recycling is a leader in used beverage can recycling, purchasing more recycled cans than any other group worldwide.[36]
In June 2013, Alcoa announced it would permanently close its Fusina primary aluminum smelter in Venice, Italy, where production had been curtailed since June 2010.[37]
On January 9, 2014, Alcoa reached a settlement with the U.S.
Company split
In June 2016, Alcoa Inc. announced plans to split itself into two companies. Alcoa Inc would be renamed as Arconic and would take over the business of designing and building processed metal parts, primarily for the automotive and aerospace industries. A new company, Alcoa Corporation, would be set up and spun out of Alcoa Inc. and retain the Alcoa name. Alcoa Corp. would continue the business of mining, smelting, and refining of raw aluminum.[39] The split was completed on November 1, 2016.[6]
Environmental record
The
Operations by country
Jamaica
Alcoa formed the Alcoa Minerals of Jamaica subsidiary on the island in 1959, shipping their first load of bauxite in 1963 from Rocky Point. Later in 1972, Alcoa established a 500,000 tonne per year refinery where they process bauxite into alumina. They have continued to upgrade the plant through the years and its now capable 1,425,000 tonnes per year.[citation needed] In 1988 the Jamaican government gained a 50% share in the subsidiary and renamed the operation to Jamalco, Alcoa being the managing partner. Expansion of the operation in 2007 resulted in Alcoa owning a total of 55% of the operation. Alcoa continues to mine bauxite in the Jamaican parishes of Clarendon and Manchester while competitors' operations take place in nearby parishes.[citation needed]
Dominican Republic
In the 1970s, Alcoa was involved in negotiations with the
Alcoa Road, also known as El Aceitillar, is a significant part of Alcoa's legacy in the Dominican Republic. Originally constructed for a bauxite mine, it now leads to Sierra de Bahoruco National Park. This area offers an opportunity to observe endemic species and serves as a reminder of the environmental dimensions of industrial operations. Alcoa Road's transition from an access route for mining to a gateway for environmental observation underscores the evolving relationship between industry and conservation.[44]
Ghana
Alcoa's affiliate in Ghana, the Volta Aluminum Company, was completely closed between May 2003 and early 2006, due to problems with its electricity supply.[45][46]
Guinea
Alcoa is a major owner of the Compagnie des Bauxites de Guinée through Halco Mining, together with Rio Tinto Alcan and the Guinean government.[47] Guinea is the second global producer of bauxite and it is said to have half of the world's reserves.[citation needed]
Iceland
In 2005, Alcoa began construction in Iceland on
In 2006, Alcoa and the government of Iceland signed an agreement on instigating a thorough feasibility study for a new 250,000 tpy (Tons Per Year) smelter in Bakki by Húsavík in Northern Iceland. In October 2011, the proposed project was dropped because "the power availability and proposed pricing would not support an aluminum smelter".[4][third-party source needed]
Alcoa announced plans to close the office in Reykjavik.[citation needed]
Russia
In 2005 Alcoa acquired two major production facilities in Russia, at
Wales
On November 21, 2006, Alcoa announced that it planned to close the Waunarlwydd works in Swansea, with the loss of 298 jobs. Production ceased at the Swansea plant on January 27, 2007. A small site closure team worked at the site until December 31, 2008. The site is still owned by Alcoa, but is now managed locally and renamed, Westfield Industrial Park.[citation needed] Several of the large buildings are leased out to local businesses.[51][52]
Australia
Alcoa operates bauxite mines, alumina refineries and aluminum smelters through
Alcoa's Western Australian Wagerup plant has a troubled history in the context of claims that pollution from the plant has had an adverse impact on the health of members of the adjacent local community.[56][57][58]
United States
On January 3, 2003, Alcoa opened its new operations headquarters on the North Shore of Pittsburgh. This move came about after it donated its 50-year-old skyscraper headquarters in Downtown Pittsburgh to the Regional Development Authority.[citation needed]
Alcoa created a plant just outside Maryville in Blount County, Tennessee. To support the factory, Alcoa built a small city and named it as such. The Alcoa Tenn Federal Credit Union was the first employee created credit union in the state. The plant is no longer an Alcoa business.[59]
Alcoa's Massena West plant is the longest operating smelter in the United States, having been in continuous operation since 1902. The Reynolds Aluminum Plant became Massena East when the companies merged in 2000.[citation needed]
Alcoa had a smelting plant in
Alcoa also operates an aluminum smelting plant of similar size to the one in Tennessee in Warrick County, Indiana, just east of Newburgh. Vectren Energy operates a coal power plant on the site to provide electricity. In 2021, Alcoa retained the aluminum smelter and generating station while selling the rest of the facility to Kaiser Aluminum. This sale included the cast house, ingot facilities, hot mill, cold mills, and finishing mills.[citation needed]
Alcoa maintains several Research and Development Centers in the United States. The largest one, Alcoa Technical Center, is located East of its Pittsburgh Headquarters at
Alcoa plans to close offices in Richmond, Virginia; Nashville, Tennessee; and Chicago.[28]
Alcoa Steamship Company
The Alcoa Steamship company was a subsidiary of ALCOA since the company was formed in 1917.[62]
- List of ships:
- SS Alcoa Banner (SS Sundance)[63]
- SS Alcoa Cavalier
- SS Alcoa Clipper
- SS Alcoa Corsair
- SS Alcoa Guide[64]
- SS Alcoa Partner
- SS Alcoa Patriot
- SS Alcoa Pegasus
- SS Alcoa Pennant
- SS Alcoa Pilgrim
- SS Alcoa Pioneer[65][66]
- SS Alcoa Planter
- SS Alcoa Pointer
- SS Alcoa Polaris
- SS Alcoa Puritan
- SS Alcoa Ranger
- SS Alcoa Roamer
- SS Alcoa Runner
- SS Bushranger[67]
In popular culture
Alcoa is portrayed as the main sponsor of the 1953 CBS program See It Now in George Clooney's Academy Award–nominated 2005 film Good Night, and Good Luck.[68]
See also
- Alumina
- Aluminum can
- List of alumina refineries
- Alcoa World Alumina and Chemicals
- Alcoa, Tennessee
- Alcoa Power Generating Inc.
- Cutco, a company that sells knives, founded in 1949 by Alcoa and Case Cutlery
- List of aluminum smelters
- 1953 Alcoa Aluminum advertisement
- History of aluminum
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External links
- Official website
- Business data for Alcoa Corporation: