Alcoa Inc (ASX:AAI)
says it has approved a plan to separate into two independent, publicly traded companies as part of its multi-year transformation plan.
The Upstream company will comprise five business units, bauxite, alumina, aluminium, casting and energy.
The Value Add company will include Global Rolled Products, Engineered products and solutions and Transportation and Construction solutions.
The transaction is expected to be completed by the second half of 2016.
The light-weight metals company reported net income of $140 million for the second quarter of 2015.