September 20, 2020

Alcoa assures that the negotiations with the GFG Alliance to sell San Cibrao (Lugo) continue without progress


Madrid

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Alcoa has criticized Liberty House’s attitude in the negotiation for the sale of the San Cibrao plant (in Xove, Lugo), in which it presents “unreasonable” requests, and has explained that its proposal is transfer the facilities for one euro, contribute 50 million dollars –42 million euros – to “a fund for the future success of the plant” and formalize a contract to supply alumina for five years “Under standard market conditions”.

In a statement sent this Saturday, the American multinational has indicated that “Four days after” the deadline set by the GFG Alliance -group in which Liberty House is a member- to reach an agreement on the general conditions of the operation, the British company “responded” with “greater demands” to the proposal that was on the table and “without showing any progress for a transaction on reasonable commercial terms. ‘

Liberty House has demanded, according to Alcoa, “Exclusive options to control the alumina refinery” that the US company also has in the A Mariña region and a 20-year alumina supply contract “outside current business practices.”

In addition, “he refuses to commit his own funds” and, to the demands already raised, he added that of having «A 90-day inventory of alumina, amount that the plant cannot store ”, for a value of about 30 million dollars – 25 million euros.

Alcoa has added that the British group “He has only offered to pay a maximum of one million euros per month”, a figure that is below the current monthly losses, which figure at “a maximum of 6 million euros.” This is Liberty House’s position, Alcoa has reproached, although it affirmed that it “is willing to assume all the ongoing losses and liabilities of the aluminum plant.”

“Substantial concessions”

In this context, Alcoa defends that it has made “substantial concessions” “to” facilitate “the operation and that its” fair and reasonable “proposal also includes pay the costs of separating the aluminum plant from the refinery, which would cost about $ 60 million – about 51 million euros.

The multinational defends that it has offered “extremely reasonable” conditions and that it continues “to negotiate in good faith” and continues “Open to dialogue” to achieve a “responsible sale”. The final date to reach an agreement is September 27, remember.

Deadlines

On August 13, an agreement was reached to extend the consultation period for the employment regulation file (ERE) that threatens the more than 500 workers at the plant to negotiate the sale. The proposed schedule since then set two weeks to close the basic conditions of the transaction, between August 17 and 30.

Then, from August 31, it was planned dedicating two weeks to the ‘due diligence’ of the San Cibrao plant by Liberty House. The last 14 days should be for the formal purchase proposal and close the pre-sale agreement, if the two parties understand each other.

After yesterday’s multilateral meeting, in which Alcoa, the central and Galician governments and union representatives and the works council participated, the president of the latter, José Antonio Zan, stated that the parties “begin to bring positions closer together”. The workers will mobilize again this Sunday in Viveiro (Lugo) to ask for a solution.

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