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From the Herald Sun:
ALCOA will today announce the closure of its Point Henry aluminium smelter near Geelong, endangering 1200 jobs, senior sources have revealed.
The Herald Sun has learned this morning that the company is preparing to inform workers of the dramatic step.
Alcoa said last night it wasn’t ready to reveal the face of its plan.
Alcoa received a $40 million grant from the former Federal Labor Government in 2012, but last month said it was not seeking any further Government assistance for the Point Henry plant, sparking speculation that its fate had been sealed.
Amazing domino effect, here.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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