Century Aluminum: Closing Smelter To Cost $30 Million

By: Associated Press
By: Associated Press

Ravenswood, W.Va. (AP) -- Century Aluminum Co. says it's expecting up to $30 million in charges for shutting down its Ravenswood smelter.

Monterey, Calif.-based Century says in a Securities and Exchange Commission filing that laying off most of the smelter's remaining 650 employees accounts for the bulk of the charges, some $28 million to $30 million. Most are expected to be out of work by Feb. 20.

Century says canceling contracts will account for another $7 million to $8 million in charges, though the document filed Tuesday says the company expects a gain of $8 million for curtailing some pensions.

Century says cash expenditures for closing Ravenswood should total about $34 million over the coming two years.

Century announced plans to close the plant Feb. 4 due to slumping aluminum prices.

(Copyright 2009 by the Associated Press. All rights reserved.)

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  • by worker wife on Feb 12, 2009 at 09:00 PM
    I hope the certaine ones who were allowed to stay and work keep it nice and clean in there for our husbands.....What will those people be doing...and how did they get picked to stay !!!!!!!!!!!!!!!!!!!!!! I along with 650 other families have been physically sick this week.....Good Luck to you all....we need to all pray this works out in about 6 months........good luck
  • by 3rdparty Location: Parkersburg on Feb 11, 2009 at 04:55 PM
    If he does it will come from overseas. The whole "Buy American " part of the bill was shot down by of all people John McCain who has talked the president out of only spending stimulus money here in America. Who will destroy us first ? A Democrat or Republican ? Stay tuned to find out.
  • by Whatever on Feb 11, 2009 at 11:10 AM
    When Obama starts repairing the roads and bridges, I hope he needs lots of Aluminum so Century will reopen.
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