Alcoa Moves Toward Sale of San Cibrao Complex Amidst Tight Security Measures

Alcoa is advancing towards the sale of its industrial complex in San Cibrao, Cervo municipality, Lugo, with binding offers from potential buyers expected by mid-June. This development comes after a follow-up meeting in Madrid, where it was revealed that discussions with potential buyers have already commenced, with non-binding offers anticipated by mid-May.

In preparation for the sale, Alcoa has outlined a five-year financial plan aimed at ensuring the viability of the complex, amidst concerns of potential insolvency in the latter half of the year. The Regional Minister of Economy, Industry, and Innovation, María Jesús Lorenzana, emphasized the need for clear timelines for the sale and expressed the Xunta's commitment to aiding in the scrutiny of buyer proposals to ensure seriousness and solvency.

To facilitate a secure and confidential review process, the Xunta and the Government will sign a confidentiality agreement with Alcoa. This agreement will ensure a private and detailed examination of the offers and the credibility of the interested parties.

Alcoa's requests for flexibility in the operational aspects of the sale, such as the restarting of the vats and the use of financial guarantees to offset losses, highlight the complex negotiations ahead. Moreover, the company's proposal for voluntary departures and the delay in investment for the anode furnace until 2026 signal a cautious approach to future operations.

The workers' committee has stood firm on not altering the existing viability agreement with Alcoa and insists on starting the anode baking furnace project soon to ensure long-term viability and secure jobs for ancillary companies.

Additionally, the immediate establishment of a technical committee has been demanded to expedite the processing of essential extensions for the sludge pond (DBR) and wind farms, involving key ministries and regional authorities.

Lorenzana reiterated the importance of Alcoa adhering to the agreement and proceeding with crucial investments, notably in the anode furnace, to ensure the factory's future competitiveness and viability. The Xunta and the workers' representatives are set to maintain vigilance to ensure the preservation of industrial activity and employment at the San Cibrao complex.