By Rhiannon Hoyle
Alcoa Corp. said its Portland Aluminium joint venture intends to restart 35,000 metric tons of idled capacity at its aluminum smelter in Australia's Victoria state.
The process to restart capacity that's been idle since 2009 will begin immediately and metal should be produced in the third quarter of 2022, Alcoa said.
"Restarting the idle capacity improves the smelter's cost structure, competitiveness and longer term sustainability," said Michael Gollschewski, Alcoa's vice president of operations and president of Alcoa Australia.
Alcoa of Australia--which is owned 60% by Alcoa and 40% by Alumina Ltd.--has a 55% stake in Portland Aluminium. Citic Resources Holdings Ltd. and Marubeni Corp. each control 22.5%.
The joint venture has a new four-year agreement with AGL Energy Ltd. to supply the power needed for the extra capacity, Alcoa said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com