Business split invigorates aluminium producer, says Alcoa CEO

Alcoa, the world's fifth largest producer of aluminium, which split into two separate businesses, revitalized itself from the separations, CEO Roy C. Harvey told the shareholders at the David L. Lawrence Convention Center, Downtown. The company split into upstream Alcoa and downstream Arconic in November 2016.

Mr. Harvey said, “It gave us an opportunity to rethink everything. We’re a start-up. We’re a brand new business.”

The company is planning to consolidate its worldwide administrative locations, a strategy he believes would save money and aid employees work more closely.

The company’s shareholders agreed the election of 12 directors to one-year terms and company’s executive pay policies. They have voted to hold the nonbinding shareholder vote on executive pay yearly.

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Mr. Harvey was asked during the meeting why the company provides bauxite to the Chinese, to which he replied there are others bauxite miners who are ready to sell to the Chinese and the company operations are more environmentally friendly than theirs. “They will get their bauxite no matter what,” he commented.