Alcoa Corporation

Overview

• Legal status: Delaware corporation; became an independent, publicly traded company on November 1, 2016.
• Core business: Upstream aluminum industry activities, including bauxite mining, alumina refining, and aluminum smelting and casting.
• Global footprint: Direct and indirect ownership of 25 operating locations across eight countries on five continents.

Business segments

• Alumina: Bauxite mining and alumina refineries. Operations typically include mining aluminous ores, refining, and producing and selling smelter-grade and non-metallurgical alumina.
• Aluminum: Aluminum smelting and casting, and most of the company’s energy production assets.

Products and pricing

• Aluminum: Traded on the London Metal Exchange (LME) with daily pricing.
• Alumina: Priced via the Alumina Price Index (API), calculated by Alcoa using a weighted average of the prior month’s daily spot prices from three indices: CRU Metallurgical Grade Alumina Price, Platts Metals Daily Alumina PAX Price, and FastMarkets Metal Bulletin Non‑Ferrous Metals Alumina Index.
• Market dynamics: Prices for both aluminum and alumina are subject to considerable volatility and influence operating results.

Key assets and capabilities

• Integrated operations spanning mining, refining, smelting, casting, and energy production assets.
• Produces for global customers.

Global footprint and recent actions (2025)

• Sold a 25.1% ownership interest in a Saudi Arabia joint venture in exchange for shares in Ma’aden (Saudi Arabian Mining Company) and cash.
• Permanently closed the Kwinana alumina refinery in Australia.
• Formed a joint venture to support continued operation of the San Ciprián complex in Spain.
• Restarted the San Ciprián smelter to approximately 65% of capacity as of December 31, 2025.
• Delivered annual production records at six operating sites.
• Reduced total debt and reached the high end of its adjusted net debt target range as of December 31, 2025.

Strategy and capital allocation

Vision: Create stockholder value by using assets, capitalizing on favorable long-term market fundamentals, and applying a disciplined capital allocation approach.

Priorities:

• Safety performance and operational excellence through the Alcoa Business System.
• Building a high-performance culture supported by a clear behavior model (five core behaviors).
• Capital allocation discipline: maintain a strong balance sheet, preserve flexibility to invest, return cash to shareholders, and pursue value-creating growth when returns exceed the cost of capital.
• Disciplined growth focused on opportunities that build on existing strengths, meet customer demand, and unlock synergies.