Alcoa Corporation (NYSE:AA) is set to fully curtail production at its Kwinana Alumina Refinery in Western Australia in 2024, starting in Q2 2023. The refinery, operating at 80% capacity since January 2023, will gradually reduce its workforce from 800 to 50 by Q3 2025. The curtailment is due to the refinery's age, costs, and market conditions. Alcoa expects to improve annual earnings by $70 million post-curtailment, despite incurring $40 million in non-cash expenses. Restructuring charges of $180-$200 million will be recorded in Q1 2024, with Alcoa's share at $76-$84 million. Alcoa's stock dropped 1.04% in premarket trading.