Alcoa Corporation (ticker: AA) is a vertically integrated aluminum company engaged in the production and sale of bauxite, alumina, and aluminum products. The company operates across the entire aluminum value chain, from mining raw materials to refining and smelting processes. Alcoa also generates energy to support its operations and sells its products globally, with a focus on cost competitiveness and operational integration.
- Aluminum Segment - Produces and sells aluminum products through smelting and casting processes, serving various industries worldwide.
- Alumina Segment - Refines bauxite into alumina, which is used in aluminum production or sold to third-party customers.
- Bauxite Mining - Mines bauxite, the primary raw material for alumina and aluminum production, supplying both internal operations and external customers.
- Energy Generation - Generates energy to support its aluminum and alumina production processes.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
William F. Oplinger ExecutiveBoard | President and Chief Executive Officer | None | Joined Alcoa in 2000; held various leadership roles, including CFO and COO; became CEO in September 2023. | View Report → |
Molly S. Beerman Executive | Executive Vice President and CFO | None | Joined Alcoa in 2016; previously served as Controller; became CFO in February 2023. | |
Nicol A. Gagstetter Executive | Executive Vice President and Chief External Affairs Officer | None | Joined Alcoa in October 2023; previously held leadership roles at Glencore and Rio Tinto. | |
Renato Bacchi Executive | Executive Vice President and CCO | None | Joined Alcoa's predecessor in 1997; held various roles, including Chief Strategy Officer; became CCO in August 2023. | |
Carol L. Roberts Board | Director | Trustee at University of Memphis; Board Member at Divergent 3D and V.F. Corporation | Director since 2016; former CFO of International Paper; audit committee financial expert. | |
Ernesto Zedillo Board | Director | Professor at Yale University; Advisory Board Member at Iberdrola and NTT Data | Director since 2016; former President of Mexico; provides expertise in global economics and governance. | |
James A. Hughes Board | Director | Managing Partner at EnCap Investments; Director at TPI Composites and PNM Resources | Director since 2016; expertise in energy sector and financial management; audit committee financial expert. | |
Mary Anne Citrino Board | Director | Director at HP Inc., Trilliant Food and Nutrition, ZO Skin Health, and Spanx, Inc. | Director since 2016; over 30 years of investment banking experience; audit committee financial expert. | |
Pasquale Fiore Board | Director | Chair of STAS Inc.; Board Member at Fe3dback | Director since 2020; over 35 years in metals and mining; audit committee financial expert. | |
Roberto O. Marques Board | Director | Chairman at Beautycounter; Board Member at Compana Pet Brands, We Mean Business Coalition, and USTA Foundation | Director since 2023; extensive global leadership experience in consumer goods and sustainability. | |
Steven W. Williams Board | Non-Executive Chairman of the Board | Director at Enbridge Inc.; Chairman at Smiths Group plc | Director since 2016; became Non-Executive Chairman in January 2021; extensive experience in energy and engineering. | |
Thomas J. Gorman Board | Director | Director at Orora Limited, Sims Limited, and Worley Limited; Chairman of The Nature Conservancy (Maine Chapter) | Director since 2021; extensive experience in logistics and manufacturing; provides insights into Australian operations. |
- Given the current tightness and high prices in the bauxite market, can you elaborate on how this might impact your alumina operations and what measures you're taking to secure sufficient bauxite supply, especially with new refineries ramping up in India and China?
- With the ongoing tariffs on aluminum and the potential for increased tariffs on Canadian imports, how do you anticipate this will affect your strategy for your U.S. and Canadian operations, and what are the possible implications for the Midwest premium and trade flows?
- Can you provide clarity on your net debt target, considering that your adjusted net debt is currently higher than it has been in the past three years at $2.1 billion, and discuss how the Ma'aden equity position factors into your capital allocation decisions and potential increases in capital returns?
- The profitability improvement program has delivered substantial benefits, but with various moving parts and other headwinds, can you elaborate on how we should think about the sustainability of these improvements and their impact on future EBITDA, especially in a lower commodity price environment?
- Regarding the potential monetization of legacy assets and excess energy capacity, can you provide more detail on the timeline and expected value realization from these assets, and how demand from hyperscalers and data center developers may influence these plans?
Research analysts who have asked questions during Alcoa earnings calls.
Carlos de Alba
Morgan Stanley
7 questions for AA
Timna Tanners
Wolfe Research
6 questions for AA
Daniel Major
UBS
5 questions for AA
Katja Jancic
BMO Capital Markets
5 questions for AA
John Tumazos
John Tumazos Very Independent Research
4 questions for AA
Lawson Winder
Bank of America
4 questions for AA
Nick Giles
B. Riley Securities
4 questions for AA
Alex Hacking
Citigroup
3 questions for AA
Bill Peterson
JPMorgan Chase & Co.
3 questions for AA
Chris LaFemina
Jefferies Financial Group
3 questions for AA
Christopher LaFemina
Jefferies
3 questions for AA
Glyn Lawcock
Barrenjoey
3 questions for AA
Michael Dudas
Vertical Research Partners
3 questions for AA
Bennett Moore
JPMorgan Chase & Co.
2 questions for AA
Lucas Pipes
B. Riley Securities
2 questions for AA
William Peterson
JPMorgan Chase & Co.
2 questions for AA
Alexander Hacking
Citigroup
1 question for AA
Henry Hearle
B. Riley Securities
1 question for AA
John Tumazanos
John Tumazanos Very Independent Research
1 question for AA
Lachlan Shaw
UBS Group AG
1 question for AA
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA. | |
South32 | The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA. |
Hangzhou Jinjiang Group | The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA. |
The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA. | |
Norsk Hydro ASA | The alumina market is global and highly competitive, with many active suppliers, producers, and commodity traders. The majority of our product is sold in the form of smelter grade alumina. Our main competitors in the third-party alumina market are Aluminum Corporation of China, South32, Hangzhou Jinjiang Group, Rio Tinto, and Norsk Hydro ASA. |
We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. | |
Trafigura | We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. |
J. Aron | We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. |
Gerald Group | We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. |
Emirates Global Aluminum | We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. |
We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. | |
Vedanta Aluminum Ltd. | We compete with commodity traders, such as Glencore, Trafigura, J. Aron and Gerald Group, and aluminum producers, such as Emirates Global Aluminum, Norsk Hydro ASA, Rio Tinto, Century Aluminum and Vedanta Aluminum Ltd. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Alcoa's Aluminum Smelters | Internal supply of smelter-grade alumina | Alumina | Accounted for 32% of total alumina shipments in 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Alumina Limited | 2024 | Alcoa acquired 100% of Alumina Limited’s ordinary shares through a share swap deal valued at approximately $2.8 billion, assuming additional obligations of around $385M in debt and incurring about $35M in transaction costs. This acquisition, which secured full control over Alumina’s 40% stake in the AWAC joint venture, strategically enhances Alcoa’s vertical integration across bauxite mining, alumina refining, and aluminum smelting while simplifying governance, having received all necessary regulatory and shareholder approvals. |
Recent press releases and 8-K filings for AA.
- In 2024, Alcoa reported $12 billion in revenue, $60 million in net income attributable to Alcoa, and $0.26 in earnings per share. The company projects global total aluminum consumption to grow from 107 mmt in 2025 to 134 mmt in 2035.
- Alcoa completed the Alumina Limited acquisition on August 1, 2024, deepening its commitment in Australia and strengthening its market leadership. The company also completed the sale of its 25.1% interest in the Ma'aden joint venture on July 1, 2025, for a total consideration of $1.35 billion.
- The company initiated a $645 million Profitability Improvement Program in January 2024, achieving over $675 million in savings by December 2024. Alcoa maintains a disciplined capital allocation framework, targeting $1.0 billion to $1.5 billion in adjusted net debt and has a $500 million share buyback authorization remaining and a quarterly dividend of $0.10 per share.
- Alcoa's CEO, William Oplinger, positioned the company as a leading investment in the aluminum industry, reporting $1.6 billion of EBITDA in 2024 and highlighting the 2024 acquisition of Alumina Limited as transformational.
- The company has strengthened its financial position by monetizing $1 billion in assets and returning $1 billion to shareholders over the last five years, targeting a net debt of $1 billion to $1.5 billion.
- Alcoa projects continued market growth, with North America and Europe expected to face deficits, while global supply remains constrained by China's 45 million metric ton cap and significantly higher capital costs outside China.
- Operational excellence initiatives led to a 50% reduction in serious chemical burn injuries over three years and delivered $80 million+ in profitability improvement benefits in 2024, including a 330 tonnes per day production increase at the Alumar refinery.
- The company's high-performance culture is reflected in 97% retention of top performers and voluntary employee turnover below 6%.
- Alcoa Corporation reported revenue of $2,995 million for the third quarter of 2025, with net income attributable to Alcoa Corporation of $232 million, or $0.88 per common share.
- The quarter's results included restructuring and related charges of $895 million due to the permanent closure of the Kwinana refinery and a $786 million gain from the sale of interest in the Ma’aden joint venture.
- Adjusted net loss for Q3 2025 was $6 million, or $(0.02) per common share, and Adjusted EBITDA excluding special items was $270 million.
- The company finished the third quarter of 2025 with a cash balance of $1.5 billion, including the full repayment of a $74 million term loan.
- For the fourth quarter of 2025, Alcoa expects a sequential favorable impact of approximately $80 million in the Alumina Segment Adjusted EBITDA and sequential unfavorable impacts of approximately $20 million in the Aluminum segment.
- Alcoa Corporation reported revenue of $2.995 billion for the third quarter of 2025, with net income attributable to Alcoa Corporation of $232 million and diluted earnings per share of $0.88. The company recorded an adjusted net loss of $6 million, or $0.02 per common share.
- The third quarter results included a $786 million gain on the sale of interest in the Ma’aden joint venture and $895 million in restructuring and related charges due to the permanent closure of the Kwinana refinery in Australia.
- Operationally, alumina production increased 4 percent sequentially to 2.5 million metric tons, and aluminum production increased 1 percent sequentially to 579,000 metric tons.
- Alcoa maintained its 2025 outlook, expecting total Alumina segment production between 9.5 to 9.7 million metric tons and Aluminum segment production between 2.3 and 2.5 million metric tons.
- Alcoa has secured a 10-year renewable energy contract with the New York Power Authority, providing 240 megawatts to its Massena Operations starting April 1, 2026.
- This agreement enables Alcoa to invest approximately $60 million through 2028 to modernize the anode baking furnace at the Massena facility, supported by a $6 million grant from Empire State Development.
- The Massena Operations is the world's largest continuously operating aluminum smelter and one of only four remaining in the U.S., with an annual nameplate capacity of 130,000 tons.
- Alcoa Corporation secured a 10-year energy contract with New York Power Authority (NYPA) for its Massena Operations, providing 240 megawatts of competitively priced renewable energy effective April 1, 2026.
- This contract enables Alcoa to invest approximately $60 million through 2028 to modernize the anode baking furnace at the Massena smelter, supplemented by a $6 million grant from Empire State Development.
- The Massena Operations, which has an annual nameplate capacity of 130,000 metric tons, is one of only four remaining smelters in the United States.
- Alcoa Corporation (AA) has approved the permanent closure of its Kwinana alumina refinery in Western Australia, effective immediately, which had been fully curtailed since June 2024.
- The closure will result in total restructuring and related charges of approximately $890 million in Q3 2025, equating to $2.41 per share after-tax.
- These charges include approximately $375 million of non-cash impairment charges.
- Total cash outlays related to the closure are expected to approximate $600 million over the next six years, with $75 million anticipated in Q4 2025.
- The refinery currently has approximately 220 employees, with severance costs of $41 million having been previously recorded in Q1 2024.
- Alcoa will permanently close its Kwinana alumina refinery in Western Australia, a decision driven by factors including the facility's age, operating costs, market conditions, and bauxite grade challenges.
- In the third quarter of 2025, Alcoa expects to record restructuring and related charges of approximately $890 million ($623 million after-tax, or $2.41 per share), which includes $375 million of non-cash asset impairment charges.
- Cash outlays associated with the closure are projected to be approximately $600 million over the next six years, with about $75 million anticipated in the fourth quarter of 2025.
- The closure of Kwinana's 2.2 million metric tons of annual capacity will reduce Alcoa's global consolidated refining capacity to 11.7 million metric tons.
- Alcoa's third quarter 2025 operational tax expense is expected to increase by $30 million to approximately $100 million due to the impact of the restructuring charge.
- Alcoa updated its third-quarter guidance, anticipating 15,000 metric tons lower aluminum shipments, an additional $25 million expense from retained inventory profit, and a $10 million increase in tax expense to a range of $60 to $70 million. Lower bauxite shipments are also expected to impact revenue by approximately $70 million.
- The company is actively engaged in discussions with the U.S. and Canadian governments regarding Section 232 tariffs, with over $800 million currently being paid in tariffs.
- The restart of the San Ciprián smelter is progressing, but full capacity is now expected by mid-2026, with profitability anticipated later in 2026, a delay from original projections.
- Alcoa expects the EPA's recommendation for new mine approvals in Western Australia by the end of Q2 2026, which could lead to an additional 1 million metric tons of aluminum production and cost reductions of $15 to $20 per metric ton by 2029.
- The company is focused on strengthening its balance sheet, targeting net debt between $1 billion and $1.5 billion (currently $1.7 billion), and has $500 million remaining on its share buyback authorization.
- Alcoa expects its aluminum market to be in a surplus for the second half of 2025 and into 2026, with new capacity coming online from Indonesia and China. Despite this, the company's annual guidance remains unchanged, though it anticipates 15,000 metric tons lower aluminum shipments in Q3 2025 due to timing.
- The company projects an additional $25 million expense in Q3 2025 related to higher profit retained in inventory and a $10 million increase in its Q3 2025 tax expense, now expected to be between $60 to $70 million. Lower bauxite shipments are also expected to result in a sequential revenue impact of approximately $70 million.
- The full capacity restart of the San Ciprián smelter is now delayed until mid-2026 due to a power outage. In Australia, mine approvals for new regions are progressing, with an EPA recommendation expected by the end of Q2 2026, which, once approved, is projected to increase aluminum production by 1 million metric tons and reduce costs by $15 to $20 per metric ton by 2029.
- Alcoa is focused on strengthening its balance sheet, aiming for a net debt target of $1 billion to $1.5 billion, down from $1.7 billion at the close of Q2 2025. The company has $500 million remaining on its share buyback authorization and is exploring monetization of former operating sites and Ma'aden shares.