Alcoa of Australia is 60% owned by Alcoa and 40% owned by Alumina Ltd, whose key strategy is to invest globally in bauxite mining, alumina refining and aluminium smelting.

The latest figures underline the current problems facing the global aluminium industry with metal prices at an all-time low and stocks of aluminium in warehouses reaching up to 10Mt.

Alcoa claims its Australian workforce has nothing to fear from the company's planned rationalisation efforts, but is asking its suppliers to accept a 12% discount as compensation for the depressed market conditions.