Question-and-Answer Session
Operator
Thank you. (Operator instructions) Our first question comes from Kuni Chen with Banc of America. Please go ahead.
Kuni Chen – Banc of America
Hi, good day everybody.
Mike Bless
Hi, Kuni.
Kuni Chen – Banc of America
I guess just first question on working capital. How much more do you think you can ring out going forward through the balance of this year?
Mike Bless
Kuni, really – it’s Mike, that’s really assuming the metal price stays where it is. Obviously, working capital can go up and down based on at a steady-state production capacity based on the metal price, but assuming it stays where it is, we are – it’s basically out. I mean, the line came down at Hawesville towards the end of the quarter, maybe two-thirds of the way through the quarter Wayne – and that provided maybe a very small bump, but the real nut there was Ravenswood and that’s – that happened.
Logan Kruger
Kuni, it comes to – comes out pretty quickly as you know because we tight these pots offline and we get the metal balance and obviously, the aluminum being recovered, et cetera.
Kuni Chen – Banc of America
Okay, got you. And basically, that Ravenswood curtailment, $30 million to $35 million that flows through the other operating cost line through the balance of the year?
Mike Bless
No. Yes and No. I mean, that line there – what you saw on that line this quarter again was a $35 million charge of which only $6 million was in cash. We’ve already recognized, again a residual – all other things being equal, $29 million of expense. You won’t see come to – those are already on the balance sheet. So, when we pay the cash, it will just see the reduction in those balance sheet liabilities and you’ll see the cash going out on the cash flow statement if you will.
Kuni Chen – Banc of America
I got you. Okay, and then just last question. On Helguvik, looks like a couple of things are percolating there. Just hoping you could give us some color on what’s happening there. It looks like you’re working on some non-recourse financing. Maybe you could just give us a sense as to sort of what the investment in a smaller phase one might look like? Do you retain basically a 100% equity stake in the project going forward, if you could just kind of talk to some of those issues?
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