Alcoa Corp 8-K, filed Oct 15, 2026
Alcoa Corp (AA)
About this 8-K
Alcoa Corp filed this 8-K on October 15, 2026.
Alcoa reported third quarter 2026 revenue of $3.7 billion, net income of $483 million, adjusted EBITDA excluding special items of $789 million, and free cash flow of $472 million. South32 shareholders approved the AliGroup acquisition on October 15, 2026. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 15, 2026, Alcoa Corporation issued a press release announcing its third quarter 2026 financial results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 2.02.
The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, shall be deemed “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit number |
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Description |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The internet addresses in the press release attached as Exhibit 99.1 hereto are included only as inactive textual references and are not intended to be active links to the information therein. Information contained on such websites or platforms, or that can be accessed therein, do not constitute a part of this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ALCOA CORPORATION |
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Date: |
October 15, 2026 |
By: |
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/s/ Marissa P. Earnest |
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Marissa P. Earnest |
Exhibit 99.1
Alcoa Corporation Reports Third Quarter 2026 Results
PITTSBURGH--(BUSINESS WIRE)--October 15, 2026--Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the third quarter 2026, a period that included strong cash generation and continued progress on the Company’s operational and strategic priorities.
Financial Results and Highlights
M, except per share amounts |
3Q26 |
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2Q26 |
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3Q25 |
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Revenue |
$ |
3,704 |
|
$ |
3,966 |
|
$ |
2,995 |
|
Net income attributable to Alcoa Corporation |
$ |
483 |
|
$ |
407 |
|
$ |
232 |
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Earnings per common share |
$ |
1.81 |
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$ |
1.53 |
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$ |
0.88 |
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Adjusted net income (loss) attributable to Alcoa Corporation |
$ |
485 |
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$ |
562 |
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$ |
(6 |
) |
Adjusted earnings (loss) per common share |
$ |
1.82 |
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$ |
2.12 |
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$ |
(0.02 |
) |
Adjusted EBITDA excluding special items |
$ |
789 |
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$ |
901 |
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$ |
270 |
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“During the third quarter, we advanced the AliGroup acquisition, delivered improved refinery performance, and increased production across our smelting portfolio,” said Alcoa President and CEO William F. Oplinger. “As we look ahead, we remain focused on strengthening safety performance, sustaining operational stability, and building on this momentum as we work toward closing the AliGroup acquisition in the first half of 2027.”
1
Third Quarter 2026 Results
Key Actions
2
2026 Outlook
The Company does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts, without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Alcoa reaffirms its 2026 Alumina segment production and shipment projection of 9.5 to 9.6 million metric tons and 11.5 to 11.6 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.
Alcoa reaffirms its 2026 Aluminum segment production and shipment projection of 2.4 to 2.6 million metric tons and 2.6 to 2.8 million metric tons, respectively.
For the fourth quarter 2026, the Company expects to maintain the strong operational performance delivered in the third quarter 2026. Higher production and shipments are expected in both segments, as improved refining system stability is maintained and the smelting portfolio continues to deliver incremental output.
Within the fourth quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects performance to be consistent sequentially.
Within the fourth quarter 2026 Aluminum Segment Adjusted EBITDA, the Company expects higher raw material costs and planned maintenance, intended to support continued operational stability, to result in unfavorable impacts of approximately $30 million sequentially. Alumina costs in the Aluminum segment are expected to be unfavorable by approximately $30 million sequentially.
Other income is expected to increase by approximately $20 million in the fourth quarter 2026 due to higher interest earned on cash held for the AliGroup acquisition.
Alcoa expects Interest expense to approximate $185 million for the year, an increase from the prior projection, as a result of the Notes issuance.
Based on current alumina and aluminum market conditions, Alcoa expects fourth quarter 2026 operational tax expense to approximate $65 million to $75 million, which may vary with market conditions and jurisdictional profitability.
Conference Call
Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) / 8:00 a.m. Australian Eastern Daylight Time (AEDT) on Thursday, October 15, 2026 / Friday, October 16, 2026, to present third quarter 2026 financial results and discuss the business, developments, and market conditions.
The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on October 15, 2026 / 7:15 a.m. AEDT on October 16, 2026. Call information and related details are available under the “Investors” section of www.alcoa.com.
Dissemination of Company Information
Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release.
About Alcoa Corporation
Alcoa is a global industry leader in bauxite, alumina and aluminum products with a Vision to build a legacy of excellence for future generations. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate.
Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, X, YouTube and LinkedIn.
3
Cautionary Statement on Forward-Looking Statements
This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding Alcoa’s proposed transaction to acquire South32 Limited’s equity interests in certain bauxite, alumina, and aluminum assets (the proposed transaction referred to as the Transaction); the ability of the parties to complete the Transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the Transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the Transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances.
Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the Transaction; (b) the prohibition or delay of the completion of the Transaction by a governmental entity; (c) the risk that the Transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses, including financing commitment fees, resulting from the Transaction; (e) uncertainty of the expected financial performance following completion of the Transaction; (f) uncertainty of any contingent payment required to be made in connection with the Transaction following completion; (g) failure to realize the anticipated benefits of the Transaction; (h) the occurrence of any event that could give rise to termination of the Transaction; (i) potential litigation in connection with the Transaction or other settlements or investigations that may affect the timing or occurrence of the Transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of Alcoa’s stockholders (including as a result of the Transaction), price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Alcoa’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and other reports filed by Alcoa with the U.S. Securities and Exchange Commission (SEC).
4
Certain illustrative pro forma information included in certain investor materials may differ materially from pro forma information included in SEC filings, including the Registration Statement (as defined below). Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These risks, as well as other risks associated with the Transaction, are also more fully discussed in the Registration Statement referred to below. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
No Offer or Solicitation
This press release is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Additional Information and Where to Find It
This press release relates to the Transaction. In connection with the Transaction, Alcoa filed a Registration Statement on Form S-4 on September 1, 2026 (including documents incorporated by reference therein, the Registration Statement), with the SEC. The Registration Statement was declared effective and the related final prospectus was filed on September 8, 2026. This communication is not a substitute for the Registration Statement or any other document that Alcoa may file with the SEC in connection with the Transaction. Before making any investment decision, investors are urged to read the Registration Statement and all relevant documents filed or to be filed with the SEC, as well as any amendments or supplements to those documents, when they become available, because they contain important information about Alcoa and the Transaction.
Investors are able to obtain a free copy of the Registration Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC’s website (www.sec.gov). Copies of the Registration Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa.
Non-GAAP Financial Measures
This press release contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa and insight on the ability of Alcoa to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.
5
Alcoa Corporation and subsidiaries
Statement of Consolidated Operations (unaudited)
(dollars in millions, except per-share amounts)
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Quarter Ended |
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September 30, 2026 |
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June 30, 2026 |
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September 30, 2025 |
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Sales |
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$ |
3,704 |
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$ |
3,966 |
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$ |
2,995 |
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Cost of goods sold (exclusive of expenses below) |
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2,822 |
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2,967 |
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2,695 |
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Selling, general administrative, and other expenses |
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97 |
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101 |
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78 |
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Research and development expenses |
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8 |
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11 |
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11 |
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Provision for depreciation, depletion, and amortization |
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176 |
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173 |
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160 |
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Restructuring and other charges, net |
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18 |
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(4 |
) |
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885 |
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Interest expense |
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42 |
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36 |
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33 |
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Other (income) expenses, net |
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(32 |
) |
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200 |
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(1,034 |
) |
Total costs and expenses |
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3,131 |
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3,484 |
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2,828 |
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Income before income taxes |
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573 |
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482 |
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167 |
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Provision for (benefit from) income taxes |
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91 |
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73 |
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(51 |
) |
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Net income |
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482 |
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409 |
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218 |
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Less: Net (loss) income attributable to noncontrolling interest |
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(1 |
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2 |
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(14 |
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NET INCOME ATTRIBUTABLE TO ALCOA |
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$ |
483 |
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$ |
407 |
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$ |
232 |
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EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA |
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Basic: |
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Net income |
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$ |
1.83 |
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$ |
1.54 |
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$ |
0.88 |
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Average number of common shares |
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263,914,317 |
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263,888,206 |
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258,915,524 |
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Diluted: |
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Net income |
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$ |
1.81 |
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$ |
1.53 |
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$ |
0.88 |
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Average number of common shares |
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265,972,634 |
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265,957,129 |
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260,889,062 |
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6
Alcoa Corporation and subsidiaries
Statement of Consolidated Operations (unaudited)
(dollars in millions, except per-share amounts)
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Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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Sales |
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$ |
10,863 |
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$ |
9,382 |
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Cost of goods sold (exclusive of expenses below) |
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8,301 |
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7,785 |
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Selling, general administrative, and other expenses |
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281 |
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231 |
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Research and development expenses |
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29 |
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35 |
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Provision for depreciation, depletion, and amortization |
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511 |
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461 |
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Restructuring and other charges, net |
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32 |
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|
904 |
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Interest expense |
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113 |
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142 |
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Other expenses (income), net |
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42 |
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(1,172 |
) |
Total costs and expenses |
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9,309 |
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8,386 |
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Income before income taxes |
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1,554 |
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|
996 |
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Provision for income taxes |
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246 |
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79 |
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Net income |
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1,308 |
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|
917 |
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Less: Net loss attributable to noncontrolling interest |
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(7 |
) |
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(27 |
) |
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NET INCOME ATTRIBUTABLE TO ALCOA |
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$ |
1,315 |
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$ |
944 |
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EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA |
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Basic: |
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Net income |
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$ |
4.98 |
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$ |
3.59 |
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Average number of common shares |
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263,818,483 |
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258,855,144 |
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Diluted: |
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Net income |
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$ |
4.95 |
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$ |
3.57 |
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Average number of common shares |
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265,835,371 |
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260,474,658 |
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7
Alcoa Corporation and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
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September 30, 2026 |
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December 31, 2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
4,408 |
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$ |
1,597 |
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Receivables from customers |
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1,349 |
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|
1,064 |
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Other receivables |
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|
174 |
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|
204 |
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Inventories |
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2,570 |
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2,177 |
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Fair value of derivative instruments |
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|
273 |
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|
49 |
|
Prepaid expenses and other current assets(1) |
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|
395 |
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|
378 |
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Total current assets |
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9,169 |
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|
5,469 |
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Properties, plants, and equipment |
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21,428 |
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|
20,537 |
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Less: accumulated depreciation, depletion, and amortization |
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|
14,431 |
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|
|
13,837 |
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Properties, plants, and equipment, net |
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|
6,997 |
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|
6,700 |
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Investments |
|
|
535 |
|
|
|
477 |
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Noncurrent marketable securities |
|
|
1,389 |
|
|
|
1,397 |
|
Deferred income taxes |
|
|
676 |
|
|
|
687 |
|
Fair value of derivative instruments |
|
|
86 |
|
|
|
34 |
|
Other noncurrent assets(2) |
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1,510 |
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|
1,365 |
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Total assets |
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$ |
20,362 |
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$ |
16,129 |
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LIABILITIES |
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|
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Current liabilities: |
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|
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Accounts payable, trade |
|
$ |
1,904 |
|
|
$ |
1,938 |
|
Accrued compensation and retirement costs |
|
|
377 |
|
|
|
383 |
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Taxes, including income taxes |
|
|
379 |
|
|
|
294 |
|
Fair value of derivative instruments |
|
|
514 |
|
|
|
467 |
|
Other current liabilities |
|
|
799 |
|
|
|
718 |
|
Long-term debt due within one year |
|
|
1 |
|
|
|
1 |
|
Total current liabilities |
|
|
3,974 |
|
|
|
3,801 |
|
Long-term debt, less amount due within one year |
|
|
4,821 |
|
|
|
2,438 |
|
Accrued pension benefits |
|
|
234 |
|
|
|
257 |
|
Accrued other postretirement benefits |
|
|
404 |
|
|
|
427 |
|
Asset retirement obligations |
|
|
1,060 |
|
|
|
1,120 |
|
Environmental remediation |
|
|
209 |
|
|
|
206 |
|
Fair value of derivative instruments |
|
|
781 |
|
|
|
1,134 |
|
Noncurrent income taxes |
|
|
61 |
|
|
|
65 |
|
Other noncurrent liabilities and deferred credits |
|
|
573 |
|
|
|
487 |
|
Total liabilities |
|
|
12,117 |
|
|
|
9,935 |
|
MEZZANINE EQUITY |
|
|
|
|
|
|
||
Noncontrolling interest |
|
|
— |
|
|
|
76 |
|
EQUITY |
|
|
|
|
|
|
||
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional capital |
|
|
11,673 |
|
|
|
11,575 |
|
Retained earnings (deficit) |
|
|
964 |
|
|
|
(271 |
) |
Accumulated other comprehensive loss |
|
|
(4,395 |
) |
|
|
(5,189 |
) |
Total equity |
|
|
8,245 |
|
|
|
6,118 |
|
Total liabilities, mezzanine equity, and equity |
|
$ |
20,362 |
|
|
$ |
16,129 |
|
8
Alcoa Corporation and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
CASH FROM OPERATIONS |
|
|
|
|
|
|
||
Net income |
|
$ |
1,308 |
|
|
$ |
917 |
|
Adjustments to reconcile net income to cash from operations: |
|
|
|
|
|
|
||
Depreciation, depletion, and amortization |
|
|
511 |
|
|
|
461 |
|
Deferred income taxes |
|
|
(16 |
) |
|
|
(205 |
) |
Equity loss, net of dividends |
|
|
17 |
|
|
|
1 |
|
Restructuring and other charges, net |
|
|
32 |
|
|
|
904 |
|
Net loss (gain) from investing activities – asset and investment sales |
|
|
11 |
|
|
|
(785 |
) |
Mark-to-market loss (gain) on noncurrent marketable securities |
|
|
7 |
|
|
|
(267 |
) |
Net periodic pension benefit cost |
|
|
19 |
|
|
|
14 |
|
Stock-based compensation |
|
|
43 |
|
|
|
33 |
|
Loss (gain) on mark-to-market derivative financial contracts |
|
|
42 |
|
|
|
(48 |
) |
Other |
|
|
47 |
|
|
|
65 |
|
Changes in assets and liabilities, excluding effects of divestitures and |
|
|
|
|
|
|
||
(Increase) decrease in receivables |
|
|
(223 |
) |
|
|
101 |
|
Increase in inventories |
|
|
(349 |
) |
|
|
(61 |
) |
Decrease in prepaid expenses and other current assets |
|
|
49 |
|
|
|
127 |
|
Decrease in accounts payable, trade |
|
|
(61 |
) |
|
|
(260 |
) |
Decrease in accrued expenses |
|
|
(32 |
) |
|
|
(237 |
) |
Increase in taxes, including income taxes |
|
|
86 |
|
|
|
86 |
|
Pension contributions |
|
|
(9 |
) |
|
|
(16 |
) |
Increase in noncurrent assets |
|
|
(196 |
) |
|
|
(91 |
) |
Decrease in noncurrent liabilities |
|
|
(214 |
) |
|
|
(91 |
) |
CASH PROVIDED FROM OPERATIONS |
|
|
1,072 |
|
|
|
648 |
|
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Additions to debt |
|
|
2,704 |
|
|
|
1,040 |
|
Payments on debt |
|
|
(332 |
) |
|
|
(1,069 |
) |
Dividends paid on Alcoa preferred stock |
|
|
— |
|
|
|
(1 |
) |
Dividends paid on Alcoa common stock |
|
|
(80 |
) |
|
|
(78 |
) |
Payments related to tax withholding on stock-based compensation awards |
|
|
(12 |
) |
|
|
(5 |
) |
Financial contributions for the divestiture of businesses |
|
|
— |
|
|
|
(6 |
) |
Contributions from noncontrolling interest |
|
|
— |
|
|
|
27 |
|
Acquisition of noncontrolling interest |
|
|
(28 |
) |
|
|
— |
|
Other |
|
|
39 |
|
|
|
(3 |
) |
CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES |
|
|
2,291 |
|
|
|
(95 |
) |
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(476 |
) |
|
|
(375 |
) |
Proceeds from the sale of assets |
|
|
8 |
|
|
|
3 |
|
Additions to investments |
|
|
(71 |
) |
|
|
(42 |
) |
Sale of investments |
|
|
2 |
|
|
|
161 |
|
Other |
|
|
22 |
|
|
|
2 |
|
CASH USED FOR INVESTING ACTIVITIES |
|
|
(515 |
) |
|
|
(251 |
) |
|
|
|
|
|
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH |
|
|
(2 |
) |
|
|
38 |
|
Net change in cash and cash equivalents and restricted cash |
|
|
2,846 |
|
|
|
340 |
|
Cash and cash equivalents and restricted cash at beginning of year |
|
|
1,692 |
|
|
|
1,234 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT |
|
$ |
4,538 |
|
|
$ |
1,574 |
|
9
Alcoa Corporation and subsidiaries
Segment Information (unaudited)
(dollars in millions, except realized prices; dry metric tons in millions (mdmt); metric tons in thousands (kmt))
|
|
1Q25 |
|
|
2Q25 |
|
|
3Q25 |
|
|
4Q25 |
|
|
2025 |
|
|
1Q26 |
|
|
2Q26 |
|
|
3Q26 |
|
||||||||
Alumina: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bauxite production (mdmt) |
|
|
9.5 |
|
|
|
9.3 |
|
|
|
9.3 |
|
|
|
9.4 |
|
|
|
37.5 |
|
|
|
9.1 |
|
|
|
8.3 |
|
|
|
9.3 |
|
Third-party bauxite shipments (mdmt) |
|
|
3.0 |
|
|
|
2.9 |
|
|
|
1.7 |
|
|
|
2.4 |
|
|
|
10.0 |
|
|
|
2.1 |
|
|
|
1.5 |
|
|
|
1.5 |
|
Alumina production (kmt) |
|
|
2,355 |
|
|
|
2,351 |
|
|
|
2,453 |
|
|
|
2,481 |
|
|
|
9,640 |
|
|
|
2,355 |
|
|
|
2,218 |
|
|
|
2,467 |
|
Third-party alumina shipments (kmt) |
|
|
2,105 |
|
|
|
2,195 |
|
|
|
2,205 |
|
|
|
2,324 |
|
|
|
8,829 |
|
|
|
1,611 |
|
|
|
1,618 |
|
|
|
1,652 |
|
Intersegment alumina shipments (kmt) |
|
|
1,093 |
|
|
|
1,089 |
|
|
|
1,112 |
|
|
|
1,177 |
|
|
|
4,471 |
|
|
|
1,186 |
|
|
|
1,142 |
|
|
|
1,314 |
|
Produced alumina shipments (kmt) |
|
|
2,316 |
|
|
|
2,384 |
|
|
|
2,448 |
|
|
|
2,514 |
|
|
|
9,662 |
|
|
|
2,206 |
|
|
|
2,288 |
|
|
|
2,399 |
|
Average realized third-party price per metric ton of alumina |
|
$ |
575 |
|
|
$ |
378 |
|
|
$ |
377 |
|
|
$ |
341 |
|
|
$ |
415 |
|
|
$ |
324 |
|
|
$ |
334 |
|
|
$ |
353 |
|
Adjusted operating cost per metric ton of produced alumina |
|
$ |
312 |
|
|
$ |
323 |
|
|
$ |
318 |
|
|
$ |
314 |
|
|
$ |
317 |
|
|
$ |
334 |
|
|
$ |
368 |
|
|
$ |
354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Third-party bauxite sales |
|
$ |
243 |
|
|
$ |
208 |
|
|
$ |
113 |
|
|
$ |
173 |
|
|
$ |
737 |
|
|
$ |
124 |
|
|
$ |
85 |
|
|
$ |
85 |
|
Third-party alumina sales |
|
|
1,220 |
|
|
|
843 |
|
|
|
841 |
|
|
|
806 |
|
|
|
3,710 |
|
|
|
533 |
|
|
|
552 |
|
|
|
595 |
|
Intersegment alumina sales |
|
|
712 |
|
|
|
467 |
|
|
|
474 |
|
|
|
457 |
|
|
|
2,110 |
|
|
|
445 |
|
|
|
453 |
|
|
|
542 |
|
Adjusted operating costs(1) |
|
|
723 |
|
|
|
770 |
|
|
|
779 |
|
|
|
789 |
|
|
|
3,061 |
|
|
|
737 |
|
|
|
843 |
|
|
|
850 |
|
Other segment items(2) |
|
|
788 |
|
|
|
609 |
|
|
|
582 |
|
|
|
635 |
|
|
|
2,614 |
|
|
|
405 |
|
|
|
343 |
|
|
|
373 |
|
Segment Adjusted EBITDA(3) |
|
$ |
664 |
|
|
$ |
139 |
|
|
$ |
67 |
|
|
$ |
12 |
|
|
$ |
882 |
|
|
$ |
(40 |
) |
|
$ |
(96 |
) |
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
$ |
76 |
|
|
$ |
80 |
|
|
$ |
88 |
|
|
$ |
86 |
|
|
$ |
330 |
|
|
$ |
86 |
|
|
$ |
96 |
|
|
$ |
99 |
|
Equity income (loss) |
|
$ |
15 |
|
|
$ |
(9 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aluminum: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aluminum production (kmt) |
|
|
564 |
|
|
|
572 |
|
|
|
579 |
|
|
|
604 |
|
|
|
2,319 |
|
|
|
607 |
|
|
|
636 |
|
|
|
649 |
|
Total aluminum shipments (kmt) |
|
|
609 |
|
|
|
634 |
|
|
|
612 |
|
|
|
667 |
|
|
|
2,522 |
|
|
|
613 |
|
|
|
726 |
|
|
|
693 |
|
Produced aluminum shipments (kmt) |
|
|
567 |
|
|
|
581 |
|
|
|
576 |
|
|
|
625 |
|
|
|
2,349 |
|
|
|
580 |
|
|
|
680 |
|
|
|
636 |
|
Average realized third-party price per metric ton of aluminum |
|
$ |
3,213 |
|
|
$ |
3,143 |
|
|
$ |
3,374 |
|
|
$ |
3,749 |
|
|
$ |
3,376 |
|
|
$ |
4,209 |
|
|
$ |
4,752 |
|
|
$ |
4,527 |
|
Adjusted operating cost per metric ton of produced aluminum |
|
$ |
2,775 |
|
|
$ |
2,718 |
|
|
$ |
2,441 |
|
|
$ |
2,478 |
|
|
$ |
2,600 |
|
|
$ |
2,468 |
|
|
$ |
2,481 |
|
|
$ |
2,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Third-party sales |
|
$ |
1,901 |
|
|
$ |
1,956 |
|
|
$ |
2,040 |
|
|
$ |
2,462 |
|
|
$ |
8,359 |
|
|
$ |
2,536 |
|
|
$ |
3,330 |
|
|
$ |
3,021 |
|
Intersegment sales |
|
|
4 |
|
|
|
5 |
|
|
|
5 |
|
|
|
6 |
|
|
|
20 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
Adjusted operating costs(1) |
|
|
1,574 |
|
|
|
1,578 |
|
|
|
1,406 |
|
|
|
1,549 |
|
|
|
6,107 |
|
|
|
1,430 |
|
|
|
1,688 |
|
|
|
1,645 |
|
Other segment items(2) |
|
|
197 |
|
|
|
286 |
|
|
|
332 |
|
|
|
399 |
|
|
|
1,214 |
|
|
|
417 |
|
|
|
574 |
|
|
|
519 |
|
Segment Adjusted EBITDA(3) |
|
$ |
134 |
|
|
$ |
97 |
|
|
$ |
307 |
|
|
$ |
520 |
|
|
$ |
1,058 |
|
|
$ |
694 |
|
|
$ |
1,073 |
|
|
$ |
862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
$ |
67 |
|
|
$ |
66 |
|
|
$ |
67 |
|
|
$ |
70 |
|
|
$ |
270 |
|
|
$ |
71 |
|
|
$ |
71 |
|
|
$ |
71 |
|
Equity (loss) income |
|
$ |
(6 |
) |
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Segment Adjusted EBITDA(3) |
|
$ |
798 |
|
|
$ |
236 |
|
|
$ |
374 |
|
|
$ |
532 |
|
|
$ |
1,940 |
|
|
$ |
654 |
|
|
$ |
977 |
|
|
$ |
861 |
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Transformation(4) |
|
|
(12 |
) |
|
|
(21 |
) |
|
|
(20 |
) |
|
|
(27 |
) |
|
|
(80 |
) |
|
|
(27 |
) |
|
|
(23 |
) |
|
|
(32 |
) |
Intersegment eliminations |
|
|
103 |
|
|
|
135 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
252 |
|
|
|
7 |
|
|
|
2 |
|
|
|
(2 |
) |
Corporate expenses(5) |
|
|
(37 |
) |
|
|
(45 |
) |
|
|
(42 |
) |
|
|
(26 |
) |
|
|
(150 |
) |
|
|
(39 |
) |
|
|
(60 |
) |
|
|
(53 |
) |
Provision for depreciation, depletion, and amortization |
|
|
(148 |
) |
|
|
(153 |
) |
|
|
(160 |
) |
|
|
(162 |
) |
|
|
(623 |
) |
|
|
(162 |
) |
|
|
(173 |
) |
|
|
(176 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(144 |
) |
|
|
(144 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restructuring and other charges, net |
|
|
(5 |
) |
|
|
(14 |
) |
|
|
(885 |
) |
|
|
(14 |
) |
|
|
(918 |
) |
|
|
(18 |
) |
|
|
4 |
|
|
|
(18 |
) |
Interest expense |
|
|
(53 |
) |
|
|
(56 |
) |
|
|
(33 |
) |
|
|
(16 |
) |
|
|
(158 |
) |
|
|
(35 |
) |
|
|
(36 |
) |
|
|
(42 |
) |
Other income (expenses), net |
|
|
26 |
|
|
|
112 |
|
|
|
1,034 |
|
|
|
(115 |
) |
|
|
1,057 |
|
|
|
126 |
|
|
|
(200 |
) |
|
|
32 |
|
Other(6) |
|
|
(4 |
) |
|
|
(33 |
) |
|
|
(62 |
) |
|
|
(13 |
) |
|
|
(112 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
3 |
|
Consolidated income before income taxes |
|
|
668 |
|
|
|
161 |
|
|
|
167 |
|
|
|
68 |
|
|
|
1,064 |
|
|
|
499 |
|
|
|
482 |
|
|
|
573 |
|
(Provision for) benefit from income taxes |
|
|
(120 |
) |
|
|
(10 |
) |
|
|
51 |
|
|
|
134 |
|
|
|
55 |
|
|
|
(82 |
) |
|
|
(73 |
) |
|
|
(91 |
) |
Net loss (income) attributable to noncontrolling interest |
|
|
— |
|
|
|
13 |
|
|
|
14 |
|
|
|
11 |
|
|
|
38 |
|
|
|
8 |
|
|
|
(2 |
) |
|
|
1 |
|
Consolidated net income attributable to Alcoa Corporation |
|
$ |
548 |
|
|
$ |
164 |
|
|
$ |
232 |
|
|
$ |
213 |
|
|
$ |
1,157 |
|
|
$ |
425 |
|
|
$ |
407 |
|
|
$ |
483 |
|
10
The difference between segment totals and consolidated amounts is in Corporate.
11
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited)
(in millions, except per-share amounts)
Adjusted Income |
|
Quarter ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
Net income attributable to Alcoa Corporation |
|
$ |
483 |
|
|
$ |
407 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
|
|
|||
Special items: |
|
|
|
|
|
|
|
|
|
|||
Restructuring and other charges, net |
|
|
18 |
|
|
|
(4 |
) |
|
|
885 |
|
Other special items(1) |
|
|
(22 |
) |
|
|
196 |
|
|
|
(975 |
) |
Discrete and other tax items impacts(2) |
|
|
— |
|
|
|
3 |
|
|
|
(5 |
) |
Tax impact on special items(3) |
|
|
6 |
|
|
|
(40 |
) |
|
|
(141 |
) |
Noncontrolling interest impact(3) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Subtotal |
|
|
2 |
|
|
|
155 |
|
|
|
(238 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to Alcoa |
|
$ |
485 |
|
|
$ |
562 |
|
|
$ |
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Diluted EPS(4): |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Alcoa |
|
$ |
1.81 |
|
|
$ |
1.53 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to Alcoa |
|
$ |
1.82 |
|
|
$ |
2.12 |
|
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews the operating results of Alcoa Corporation excluding the impacts of restructuring and other charges, various tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes it is appropriate to consider Net income attributable to Alcoa Corporation and Diluted EPS determined under GAAP as well as Net income (loss) attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted.
(1) Other special items include the following:
(2) Discrete and other tax items are generally unusual or infrequently occurring items, changes in law, items associated with uncertain tax positions, or the effect of measurement-period adjustments and include the following:
(3) The tax impact on special items is based on the applicable statutory rates in the jurisdictions where the special items occurred. The noncontrolling interest impact on special items represents Alcoa’s partner’s share of certain special items.
(4) In any period with a Net loss attributable to Alcoa Corporation (GAAP or as adjusted), the average number of common shares applicable to diluted earnings per share exclude certain share equivalents as their effect is anti-dilutive.
For the quarter ended September 30, 2025, undistributed earnings of $3 were allocated to preferred stock under the two-class method.
12
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
(in millions)
Adjusted EBITDA |
|
Quarter ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Alcoa Corporation |
|
$ |
483 |
|
|
$ |
407 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
|
|
|||
Add: |
|
|
|
|
|
|
|
|
|
|||
Net (loss) income attributable to noncontrolling interest |
|
|
(1 |
) |
|
|
2 |
|
|
|
(14 |
) |
Provision for (benefit from) income taxes |
|
|
91 |
|
|
|
73 |
|
|
|
(51 |
) |
Other (income) expenses, net |
|
|
(32 |
) |
|
|
200 |
|
|
|
(1,034 |
) |
Interest expense |
|
|
42 |
|
|
|
36 |
|
|
|
33 |
|
Restructuring and other charges, net |
|
|
18 |
|
|
|
(4 |
) |
|
|
885 |
|
Provision for depreciation, depletion, and amortization |
|
|
176 |
|
|
|
173 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA |
|
|
777 |
|
|
|
887 |
|
|
|
211 |
|
|
|
|
|
|
|
|
|
|
|
|||
Special items(1) |
|
|
12 |
|
|
|
14 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA, excluding special items |
|
$ |
789 |
|
|
$ |
901 |
|
|
$ |
270 |
|
Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa Corporation’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.
(1) Special items include the following (see reconciliation of Adjusted Income above for additional information):
13
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
(in millions)
Free Cash Flow |
|
Quarter ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
Cash provided from operations |
|
$ |
643 |
|
|
$ |
608 |
|
|
$ |
85 |
|
|
|
|
|
|
|
|
|
|
|
|||
Capital expenditures |
|
|
(171 |
) |
|
|
(186 |
) |
|
|
(151 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Free cash flow |
|
$ |
472 |
|
|
$ |
422 |
|
|
$ |
(66 |
) |
Free cash flow is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations. It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
Net Debt and Adjusted Net Debt
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
Short-term borrowings |
|
$ |
— |
|
|
$ |
9 |
|
Long-term debt due within one year |
|
|
1 |
|
|
|
1 |
|
Long-term debt, less amount due within one year |
|
|
4,821 |
|
|
|
2,438 |
|
Total debt |
|
|
4,822 |
|
|
|
2,448 |
|
|
|
|
|
|
|
|
||
Less: Cash and cash equivalents |
|
|
4,408 |
|
|
|
1,597 |
|
|
|
|
|
|
|
|
||
Net debt |
|
|
414 |
|
|
|
851 |
|
|
|
|
|
|
|
|
||
Plus: Net pension / OPEB liability |
|
|
555 |
|
|
|
613 |
|
|
|
|
|
|
|
|
||
Adjusted net debt |
|
$ |
969 |
|
|
$ |
1,464 |
|
Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt.
Adjusted net debt is also a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.
14
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
(in millions)
DWC Working Capital and Days Working Capital
|
|
Quarter ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
Receivables from customers |
|
$ |
1,349 |
|
|
$ |
1,538 |
|
|
$ |
1,045 |
|
|
|
|
|
|
|
|
|
|
|
|||
Add: Inventories |
|
|
2,570 |
|
|
|
2,340 |
|
|
|
2,191 |
|
|
|
|
|
|
|
|
|
|
|
|||
Less: Accounts payable, trade |
|
|
(1,904 |
) |
|
|
(1,860 |
) |
|
|
(1,618 |
) |
|
|
|
|
|
|
|
|
|
|
|||
DWC working capital |
|
$ |
2,015 |
|
|
$ |
2,018 |
|
|
$ |
1,618 |
|
|
|
|
|
|
|
|
|
|
|
|||
Sales |
|
$ |
3,704 |
|
|
$ |
3,966 |
|
|
$ |
2,995 |
|
|
|
|
|
|
|
|
|
|
|
|||
Number of days in the quarter |
|
|
92 |
|
|
|
91 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|||
Days working capital(1) |
|
|
50 |
|
|
|
46 |
|
|
|
50 |
|
DWC working capital and Days working capital are non-GAAP financial measures. Management believes these measures are meaningful to investors because management uses its working capital position to assess Alcoa Corporation’s efficiency in liquidity management.
Contacts
Investor Contact: |
Jason Duty |
+1 724 316 4366 |
Jason.M.Duty@alcoa.com |
Media Contact: |
Sarah Ayer |
+1 412 965 7622 |
Sarah.Ayer@alcoa.com |
15