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Alcoa Corporation Announces $65 Million Capital Investment in Mosjoen
Alcoa Corporation Announces $65 Million Capital Investment in
About this update from Alcoa Corporation
PITTSBURGH - Alcoa Corporation (NYSE: AA, ASX: AAI) ('Alcoa' or the 'Company'), today announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjoen smelter in Norway. The investment provides strategic benefits to the Company by further delivering low-carbon aluminum products that our customers demand in a key market, while incorporating post consumer recycled aluminum into its products for the first time. Since 2020, Alcoa has invested approximately $180 million in sustaining and return-seeking capital projects at the smelter. This additional investment of $65 million will expand and upgrade the Mosjoen casthouse, increasing production capacity by up to 75,000 metric tons. The investment reflects Alcoa's response to evolving customer requirements, including recycled-content expectations in the automotive and packaging sectors, while strengthening its competitive position in Europe. The investment introduces a new open mold foundry casting line, melting furnaces and additional casthouse improvements that will enable Mosjoen to increase production capacity. The upgrade will also enable a broader foundry alloy portfolio, offering greater flexibility in ingot size and format, expanded alloy diversity, and enhanced recycled content capabilities. 'This investment places Alcoa at the forefront of delivering low-carbon aluminum while creating long-term value for our customers and shareholders,' Alcoa President and CEO, William F. Oplinger. 'The increased capacity, combined with recycling capabilities, positions Mosjoen as a cornerstone of low-carbon aluminum supply across Europe.' Mosjoen is one of the largest industrial employers in Northern Norway, with more than 700 direct employees and significant regional impact. The investment will help secure long-term activity, jobs and expertise in the Helgeland region, while also supporting local suppliers and contributing to broader industrial value creation in Norway. As a key part of the European aluminum value chain, Mosjoen plays an important role in delivering materials to the EU market. Stable and predictable framework conditions, including competitive long-term power arrangements, underpin the site's competitiveness and support continued investment. The upgrade project is expected to be completed in phases, with commissioning and ra...