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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