Alcoa is selling its stake in a South Carolina aluminum smelter to Century Aluminum Co. for $67.5 million.
New York-based Alcoa said in a statement that while Mt. Holly is a strong facility, it doesn't match its portfolio goals.
Chicago-based Century Aluminum said Thursday that buying Alcoa's 50.3 percent stake makes it the full owner of the smelter.
The Mt. Holly smelter is located in Goose Creek, South Carolina, and has capacity to produce 229,000 metric tons of aluminum annually.
The deal calls for a $67.5 million cash payment plus a potential "earnout," which is a payment if an acquired property reaches certain profit goals. It is expected to close in the fourth quarter of 2014.
Shares of Alcoa Inc. rose 12 cents to close at $16.24 and were unchanged extended trading. Shares of Century Aluminum rose 63 cents to close at $26.46 and were also unchanged in after-hours trading.