According to reports, Alcoa is to close two of its three aluminium plants in Spain with a combined annual production of 180,000 tonnes.

The closures will result in approximately 700 job losses.

The Aviles and La Coruna plants were two of the least productive due to intrinsic structural problems such as inefficient technology and high fixed costs, Alcoa said in a statement.

“Those problems, together with external market factors such as overproduction in China, high raw material prices and energy costs, have generated significant losses in these two plants in the last two years,” the company said.