Alcoa, IGNIS Sign MoU To Support San Ciprián Operations

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(RTTNews) - Alcoa Inespal SL, a subsidiary of Alcoa Corp. (AA, ASX: AAI), and IGNIS Equity Holdings, SL (IGNIS EQT), the majority shareholder in the IGNIS Group, Tuesday announced, that they have signed a Memorandum of Understanding with the Spanish National Government and the Xunta de Galicia to support the long-term sustainability of the San Ciprian operations.

The MoU establishes a framework for collaboration among the parties to address critical issues and enhance the future outlook of the plant by maintaining stability for the workforce and restarting the smelter as a priority. To facilitate this, major capital investments will be deferred to a later stage, ensuring immediate operational needs are met.

The goal is to deploy policies that help achieve competitive energy costs, further strengthening the plant's viability. Additionally, the agreement underscores the importance of securing materially higher compensation for CO2 emissions to support the facility's sustainability efforts.

AA is currently trading at $39.87, up 0.85 percent or $0.34 on the New York Stock Exchange.