Alcoa To Shut New York Office As Part Of Cost Saving Plan

Alcoa Corp. will close its New York office and move its headquarters to Pittsburgh, effective Sept. 1, in line with plans to consolidate the aluminum maker's offices and lower expenses, the company said Wednesday. It will also shutter seven offices in the U.S., Europe, and Asia and relocate affected employees. The company expects the streamlining to result in savings of $5 million a year. Alcoa shares were unchanged in the extended session after closing down 1.5% to $31.30.