Search
 

Alcoa Plans $1.1B Iceland Plant

EASTERN ICELAND-While the size of the facility has yet to be determined, ground will be broken in two years and production is slated to begin at the facility in 2007. The project is part of a government plan to improve the country's living standard.

By Glen Thompson | Updated on January 13, 2003

EASTERN ICELAND-Pittsburgh-based aluminum producer Alcoa will spend $1.1 billion on an industrial facility here. Slated to break ground in 2005, the project is being called the most extensive single investment in the history of Iceland.

The 322,000-metric ton Fjaroaal aluminum facility (Fjaroaal means “Aluminum of the Fjords” in Icelandic) is scheduled to begin production in 2007. Alcoa officials tell GlobeSt.com that the size of the facility is not yet being released.

“The Fjaroaal plant is an important element of Alcoa’s growth strategy in primary metals,” says Alain Belda, Alcoa chairman and CEO. “Across our entire primary metals portfolio, we are taking action to move our production assets down the cost curve while maintaining return on capital targets. As we explore new projects around the world, we will continue to reassess our existing smelting portfolio, particularly in the United States, where escalating energy and labor costs have made many smelters less globally competitive.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.