Alcoa books $37 million restructuring charge for Q3

Alcoa Corp. said late Monday it has recorded a $37 million restructuring charge, or an adjusted 14 cents a share. Most of the costs will be paid in cash in the fourth quarter, with the remainder paid in the first quarter of 2020, the company said. The charge is related to expenses with previously announced layoffs and severances. Alcoa said it expects to save about $60 million a year with its restructuring, starting around the second quarter of 2020 "after implementation of the new operating model and the restructuring is substantially complete," it said. Shares of Alcoa rose 2.4% in the extended session Monday after ending the regular trading day down 1%.

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