ALCOA INC., New York’s biggest Aluminum Co., extended its deadline today, June 1, Tuesday, for the Alcoa Contract Negotiations by its Employees. Now the newly appointed employees can negotiate for their health care benefits, Work Flexibility and Compensation.
Alcoa Negotiations started since April. The contract had to expire this Monday by 1 a.m. but 11 hour extension was given today. Over 5,400 employees working in 10 plants of Alcoa Inc., benefited from this deadline extension for Alcoa Contract Negotiations that got extended today.
Alcoa, that undertook negotiations with its labour unions for an agreement on health care and other compensation issues, extended it today. The union opposed an increase in comprehensive family coverage costing USD 315 per month from the current USD 87. If no mutual solution comes out then it may lead to a union strike at 11 plants of Alcoa across US that account for more than a quarter of Alcoa's total capacity.
Alcoa's stock has seen greater declines so far this year than other major aluminum producers. And it's expected to continue to perform worse than other metals stocks for the rest of 2010.
Earlier last month, analysts at JPMorgan lowered their 2010 EPS estimates for Alcoa to 53 cents from 80 cents and their price target to USD 15.50 from USD 16.50 based on waning aluminium prices and increasing caustic soda costs.
Aluminium inventory levels at the Shanghai Futures Exchange as reported on May 20 had zoomed 64.4% to 489,495 tonnes from the 297,722 tonnes reported on January 7. Meanwhile, China's imports for April were only 28,987 tonnes compared to 362,400 tonnes during the prior year.
豫公网安备41010502003434号