Aluminium prices foil Point Henry

Alcoa's closures won't be the last of the sector's pain in the Western world as it struggles to rationalise production in the face of low aluminium prices.

Alcoa may have spent the past two years reviewing the future of the 50-year-old Point Henry aluminium smelter near Geelong in Victoria but the results of that review, and the closure of the smelter announced today, have been an increasingly foregone conclusion.

It is a small part of a global restructuring of the industry, or at least the Western world segments of it, to reflect the fundamental changes to the industry that have occurred since the global financial crisis.

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