Alcoa Announces Dividend and Stock Contribution to Pension Plansadmin
The Board of Directors of Alcoa declared (a) a quarterly common stock dividend of 3 cents per share payable February 25, 2011 to shareholders of record at the close of business on February 4, 2011 and (b) a quarterly dividend of 93.75 cents per share on Alcoa’s $3.75 cumulative preferred stock payable April 1, 2011 to shareholders of record at the close of business on March 11, 2011.
In addition, a contribution was authorized of up to $600 million in Alcoa common stock to the company’s defined benefit pension plans. The company expects to complete the contribution in the first quarter of 2011. The stock contribution will improve the funded status of Alcoa’s pension plans and provide financial flexibility. The company will make additional cash contributions of approximately $300 million in 2011 to improve the funded status of its plans.
The shares of common stock to be contributed to the pension plans will not be registered under the Securities Act of 1933, as amended, or any state securities laws at the time of contribution and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase or sell any securities.