NEW YORK — Alcoa Corporation plans to move its NY headquarters to Pittsburgh and consolidate administrative locations around the globe as it looks to streamline and lower costs.
The company is a global leader in bauxite, alumina and aluminum products. It split into two companies — Alcoa and Arconic — last November.
Alcoa will close its New York City office at 390 Park Avenue and move its global headquarters and principal executive office to its existing location in Pittsburgh as of September 1, 2017. Within the next 18 months, another seven administrative locations across the U.S., Europe and Asia will also close and affected employees will relocate to remaining office locations or operating facilities or will telecommute. Alcoa expects annual savings of $5 million in corporate overhead once the changes are fully implemented. There was no word from the company about how many jobs will be affected or eliminated.
“We are taking every opportunity to streamline Alcoa to reduce complexity,” said Roy Harvey, Chief Executive Officer of Alcoa. “Today’s announcement is another step in our drive to be a more competitive, operator-centric Company, with smaller corporate overhead, focused on profitable and successful operations.”
As part of its strategic priority to reduce complexity, earlier this year, Alcoa consolidated its business units. The Company combined the aluminum smelting, cast products and rolled products businesses, along with the majority of the energy segment assets, into a new Alcoa Aluminum business unit. The Company’s three business units are Alcoa Bauxite, Alcoa Alumina and Alcoa Aluminum.