According to reports, Alcoa plans to permanently shut down its aluminum smelter in Italy due to continued sluggish demand in the European market.

The aluminum smelter, which is about to close at this time, is located in Fusina, Venice. The plant can produce 44,000 tons of aluminum materials each year, but it has been basically idle since June 2010. In addition to the Fusina plant, Alcoa is reviewing its 460,000 tons of aluminum capacity and may further reduce its capacity in the future.

Bob Wilt, president of Alcoa Global Primary Product, said: "The reasons that led to the company's 2010 capacity reduction at the Fusina plant have not changed fundamentally. Global aluminum prices are still low. We must take steps to maintain the company's competitiveness."

The Fusina plant currently employs only 14 employees. Alcoa said it will work with local unions to properly dispose of the employees affected by the shutdown. The reorganization will result in Alcoa’s post-tax price of 3 cents per share in the second quarter.

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