Alcoa Swaps New York for the City of Steel – by Joe Deaux (Bloomberg News – April 20, 2017)

https://www.bloomberg.com/

Alcoa Corp. is giving up the glamour of New York City and going back to Pittsburgh, as new Chief Executive Officer Roy Harvey steps up efforts to streamline the aluminum maker.

Changing headquarters and closing seven locations across the U.S., Europe and Asia is part of a push to lower costs after the producer of the light-weight metal split from its jets- and auto-parts business last year. Alcoa called Pittsburgh, known as the steel city, home for decades until it moved to New York in 2006.

At an industry conference in February, Harvey said his key priorities for the company moving forward would sound like “apple pie and ice cream” to Americans in the audience: “simplify, simplify, simplify.”

“Today’s announcement is another step in our drive to be a more competitive, operator-centric company,” Harvey said Wednesday in statement. “We are taking every opportunity to streamline Alcoa to reduce complexity.”

The move would come as little surprise to analysts on calls with the new Alcoa management team, which has been quick to point out its frugality.

For the rest of this article, click here: https://www.bloomberg.com/news/articles/2017-04-19/alcoa-to-close-new-york-city-office-relocate-hq-to-pittsburgh

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