Alcoa 1997 Annual Report Download - page 14

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NEWS97
Australia
Alcoa of Australia is the world’s foremost producer of alumina, one of
Australia’s largest exporters, and an internationally recognized leader in
land care and environmental management.
Robyn Allingham, operator,
Wagerup refinery
12
Headquarters
Moves West
Alcoa of Australia
transferred its corporate
headquarters from
Melbourne to Perth early
in 1997. The move was
designed to rationalize
services and to relocate
senior management
to the principal focus
of Australian activities.
About 70% of Alcoa’s
Australian employees
work in Western Australia.
A Respected
Employer
Alcoa’s Wagerup alumina
refinery was recognized
by the Australian Human
Resource Institute, the
leading HR body in the
country, for providing
leadership and excellence
in the field of human
resources. Wagerup won
in the “Respected and
Preferred Employer” cate-
gory, reflecting strategies
and initiatives maintained
by the organization to sat-
isfy the needs of employ-
ees and demonstrate con-
cern for individuals.
A Change in
Capitalization
Shareholders in Alcoa
of Australia approved a
reduction in capital of
A$300 million, trimming
shareholders’ equity to
approximately A$1.6 bil-
lion. The funds were dis-
tributed to shareholders
in proportion to owner-
ship: A$180 million to
Alcoa, A$117.75 million to
WMC, and A$2.25 million
to QBE, an Australian
insurance group. The
company decided on the
reduction after a review
of its capital structure
and near-term investment
plans continued to show
very low debt levels. “Our
current financial strength
and a strong business
outlook have enabled this
move,” said Roger Vines,
chairman and managing
director.
Brett
Marnham,
refinery
operator
Vicky
Herring,
laboratory
analyst
Quintin
Bowes,
apprentice
mechanic
Mark
Collins,
chemical
engineer
Gino
Pisconeri,
senior
vehicle
mechanic