Alcoa Corporation and its joint venture partner, IGNIS Equity Holdings, SL, announced on July 14, 2025, that the restart process of the San Ciprián smelter in Spain will resume. The restart was previously paused following a widespread power outage across Spain on April 28, which affected both the refinery and smelter.
The decision to resume the restart follows a review of the Spanish Government’s report on the power outage and assurances regarding planned measures to improve grid resilience. The joint venture also met with national and regional government representatives who committed to promoting reliable and competitive energy solutions.
The restart is now estimated to be completed by mid-2026. However, Alcoa has revised its prior financial estimates for the smelter, now expecting a net loss (pre-tax and noncontrolling interest) of approximately $90 million to $110 million, or $0.35 to $0.42 per common share, in 2025. Associated cash used by operations for the smelter is projected to be $110 million to $130 million in 2025, an unfavorable change due to the delay in completion and related revenue shifting to 2026.
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