Alcoa CEO Roy C. Harvey told shareholders Wednesday that the aluminum producer’s separation from the company’s downstream businesses in November re-energized the 129-year-old company.
“It gave us an opportunity to rethink everything,” Mr. Harvey said at Alcoa’s shareholder meeting at the David L. Lawrence Convention Center, Downtown. “We’re a start-up. We’re a brand new business,” he said.
Mr. Harvey said the company’s plans to consolidate administrative offices — which includes moving its headquarters back to Pittsburgh from New York later this year — will save money and help employees work more closely together.
Shareholders approved the election of 12 directors to one-year terms and Alcoa’s executive pay policies, and voted to hold the nonbinding shareholder vote on executive pay annually.
Mr. Harvey had only one question from the audience of about 70 shareholders and employees. It came from a retired employee who wanted to know why Alcoa is selling bauxite, the ore that is refined into aluminum, to the Chinese.
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