Alcoa Corp
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
AA$39.54+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001193125-25-253570
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001193125-26-197447
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 296 previous paragraphs and 224 current paragraphs.
70 unchanged; 68 reworded; 79 added; 148 removed; 10 previous and 7 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (79)
Current report
During the first quarter of 2026, Alcoa continued to maintain operational performance across its operations while navigating disruptions related to the Middle East conflict (see below) and Cyclone Narelle, which impacted Western Australia at the end of the quarter. The Company remained focused on disciplined execution and its strategic priorities, maintaining continuity of operations and customer supply despite these challenges. In addition, the Company progressed the restart of the San Ciprián (Spain) smelter during the first quarter of 2026, and on April 7, 2026, safely completed the smelter restart.
Current report
The global economy has been impacted by the conflict in the Middle East, which has included curtailments of more than 2,500 kmt of annual smelting capacity and nearly 2,000 kmt of refining capacity in the region. Additionally, the disruption of transit through the Strait of Hormuz has restricted the inflow of raw materials and caused vessel constraints globally. In the first quarter of 2026, vessel constraints, along with vessel loading issues caused by Cyclone Narelle, delayed alumina shipments from the Australia refineries into April 2026. Subsequent to March 31, 2026, the Company continues to support its customers in managing the logistics for certain alumina shipments.
Current report
Average alumina prices decreased by 4 percent and average aluminum prices increased 12 percent in the first quarter of 2026 compared with the fourth quarter of 2025. In addition, the average Midwest premium increased 21 percent sequentially. Alumina prices continued to be impacted by refinery expansions primarily in China and Indonesia, while the aluminum price increase was driven by historically low inventory levels and supply disruptions, which included impacts related to the Middle East conflict. The conflict in the Middle East also caused increases in energy costs and freight costs; Alcoa has limited its exposure to volatility in spot energy through long-term natural gas and electricity contracts and financial hedges.
Current report
On April 14, 2026, the Company announced that its wholly-owned subsidiary, Alcoa Nederland Holding B.V. (ANHBV), issued a notice to redeem the remaining $219 aggregate principal amount of its outstanding 6.125% notes due in 2028 (the 2028 Notes). The notes will be redeemed on May 15, 2026 at a price equal to 100 percent of the principal amount, plus accrued and unpaid interest, using cash on hand.
Current report
Net income attributable to Alcoa Corporation increased $212 primarily a result of:
Current report
Absence of impairment of goodwill associated with a 1994 acquisition in the Alumina segment
Current report
Net favorable currency impacts
Current report
Higher taxes and absence of reversal of valuation allowances on related deferred tax assets
Current report
Absence of carbon dioxide compensation in Spain and Norway
Current report
Lower seasonal shipments of aluminum and alumina
Current report
Net income attributable to Alcoa Corporation decreased $123 primarily a result of:
Current report
Net unfavorable currency impacts
Current report
Sales decreased $256 primarily as a result of:
Current report
Unfavorable impacts from certain energy contracts linked to metal pricing
Current report
Sales decreased $176 primarily as a result of:
Current report
Lower shipments of alumina primarily related to externally sourced alumina to satisfy certain customer commitments
Current report
Higher shipments of aluminum
Current report
Absence of a charge to increase environmental reserves related to investments in environmental offsets at the Huntly (Australia) mine
Current report
Lower seasonal shipments of aluminum and alumina
Current report
Absence of recognition of carbon dioxide compensation in Spain
Current report
Lower alumina prices
Current report
Lower energy costs in the Aluminum segment
Current report
Selling, general administrative, and other expenses increased $15 primarily as a result of higher labor costs, partially offset by decreased fees for professional services.
Current report
Selling, general administrative, and other expenses increased $12 primarily as a result of unfavorable currency impacts and higher labor costs.
Current report
The Provision for depreciation, depletion, and amortization did not fluctuate in comparison to the fourth quarter of 2025 and increased $14 in comparison to the first quarter of 2025, primarily as a result of:
Current report
Higher depreciation in Australia for asset retirement obligations
Current report
Higher amortization for Australian mine development costs
Current report
Interest expense increased $19 primarily as a result of:
Current report
Absence of correction to capitalized interest recognized in the fourth quarter of 2025
Current report
Interest expense decreased $18 primarily as a result of:
Current report
Settlement of insurance claim related to property damage incurred in 2024
Current report
Settlement of insurance claim related to property damage incurred in 2024
Current report
In the first quarter of 2026, Restructuring and other charges, net of $18 primarily related to:
Current report
$18 for take-or-pay power contract costs at previously closed sites
Current report
$13 for take-or-pay power contract costs at previously closed sites
Current report
In the first quarter of 2026, Restructuring and other charges, net of $18 primarily related to:
Current report
$18 for take-or-pay power contract costs at previously closed sites
Current report
In the first quarter of 2025, Restructuring and other charges, net of $5 primarily related to:
Current report
$3 for certain employee obligations related to the February 2023 updated viability agreement for the San Ciprián aluminum smelter
Current report
Provisionfor (benefit from) income taxes
Showing the first 40 of 79 passages. Open the source sections for the rest.
Removed paragraphs (148)
Previous report
Both segments increased production during the third quarter of 2025. Additionally, the Baie-Comeau (Canada), Deschambault (Canada), Mosjøen (Norway), Portland (Australia), and Warrick (Indiana) smelters each set year-to-date aluminum production records.
Previous report
U.S. Section 232 Tariffs
Previous report
On March 12, 2025, the United States government imposed a 25% tariff on certain aluminum imports from Canada under Section 232 of the Trade Expansion Act of 1962 (Section 232) which increased to a 50% tariff on June 4, 2025. Prior to March 12, 2025, the Section 232 tariff was 10%, and Canadian metal imported into the U.S. was exempted.
Previous report
During the third quarter of 2025, the Midwest premium earned on the Company’s U.S. aluminum production more than offset the net unfavorable impact of the Midwest premium and tariff costs on imports of aluminum from its Canadian smelters to U.S. customers. At recent Midwest premium pricing, tariff costs on U.S. imports of aluminum from Canada are fully covered by the Midwest premium.
Previous report
Alcoa also continued engagement with trade policy makers related to the impacts of tariffs during the third quarter of 2025.
Previous report
Kwinana Refinery
Previous report
In September 2025, Alcoa announced the permanent closure of the Kwinana alumina refinery, which had been fully curtailed since June 2024. Prior to the curtailment, the refinery had been operating at approximately 80 percent of its annual nameplate capacity of 2.2 million metric tons. The Company’s decision to permanently close the refinery was made based on a variety of factors, including the refinery’s age, scale and operating costs, market conditions, and bauxite grade challenges. Demolition and remediation activities are expected to begin in 2026 and continue over the next six years.
Previous report
Saudi Arabia Joint Venture
Previous report
On July 1, 2025, Alcoa completed the sale of its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of the Ma’aden Bauxite and Alumina Company (MBAC) and the Ma’aden Aluminium Company (MAC), to Ma’aden in exchange for total consideration of $1,350, comprised of 85,977,547 shares of Ma’aden (valued at $1,200 (SAR 4,501) as of closing) and $150 (SAR 562) in cash (to be used primarily for related taxes and transaction costs). The Company recorded a gain of $786, net of $18 in transaction costs, in Other (income) expenses, net on the Statement of Consolidated Operations in the third quarter and nine-month period of 2025.
Previous report
Subsequent to July 1, 2025, the fair value of the shares is based on the unadjusted quoted price on the Saudi Exchange (Tadawul). In the third quarter and nine-month period of 2025, the Company recorded a mark-to-market gain of $267 in Other (income) expenses, net on the accompanying Statement of Consolidated Operations related to changes in fair value of the shares.
Previous report
Australia Mine Plan Approvals
Previous report
The Company is conducting a comprehensive review of the comments received and plans to submit responses to the WA EPA during the fourth quarter of 2025. Following the Company’s response to any clarifications requested by the WA EPA, the Company expects that the WA EPA will publish its assessment and recommendations by June 2026. An appeals process of the assessment and recommendations will follow ahead of Ministerial decisions which are expected by the end of 2026.
Previous report
Ministerial decisions were previously expected during the first quarter of 2026 per the indicative timeline the WA EPA set in the third quarter of 2024. From both the Company’s and the WA EPA’s perspective, the indicative timeline has been reconsidered due to the complexities related to advancing both assessments, the extensive documentation provided by the Company and independent experts, and the work required to respond to the submissions received during the WA EPA’s public comment period. The Company is committed to continuing to work collaboratively with the WA EPA and other stakeholders to achieve Ministerial decisions in 2026.
Previous report
San Ciprián Operations
Previous report
Following the formation of the joint venture with IGNIS Equity Holdings, SL (IGNIS EQT) on March 31, 2025 (described below), Alcoa resumed the restart of the San Ciprián smelter that had been operating approximately 6 percent of total pots since March 2024. The restart was paused in April 2025 following a widespread power outage across Spain and resumed in July 2025. The smelter was operating at approximately 29% of its total annual capacity of 228 kmt as of September 30, 2025, and the Company expects that the restart will be completed by mid-2026.
Previous report
On March 31, 2025, Alcoa and IGNIS EQT entered into a joint venture agreement (the Agreement) whereby Alcoa owns 75% and continues as the managing operator and IGNIS EQT owns 25% of the San Ciprián operations. Under the terms of the Agreement, Alcoa and IGNIS EQT contributed $81 (€75) and $27 (€25), respectively, to form the joint venture, and up to approximately $117 (€100) will be funded by Alcoa as needed for operations with a priority position in future cash returns. Further funding requires agreement by both partners and would be shared 75% by Alcoa and 25% by IGNIS EQT.
Previous report
The transaction was accounted for as an equity transaction where IGNIS EQT’s noncontrolling interest was reflected as a decrease to Additional capital on the accompanying Consolidated Balance Sheet. The Agreement also provides IGNIS EQT a put option whereby IGNIS EQT can require Alcoa Corporation to purchase from IGNIS EQT its 25% interest at the then fair market value upon certain change in control provisions. Alcoa classified the Noncontrolling interest within Mezzanine equity on the Consolidated Balance Sheet, as IGNIS EQT’s redemption of the put option is not solely within the Company’s control. Net loss attributable to noncontrolling interest was $27 in the nine-month period of 2025.
Previous report
Australia Tax Decision
Previous report
On April 30, 2025, the Administrative Review Tribunal of Australia (ART) issued its decision related to the proceedings Alcoa of Australia Limited (AofA) filed against the Australian Taxation Office (ATO) in April 2022 to contest the Notices of Assessment issued by the ATO in July 2020 related to transfer pricing of certain historic third-party alumina sales. The ART decided that no additional tax is owed, consistent with Alcoa’s long-held position related to this matter.
Previous report
In accordance with the ATO’s dispute resolution practices, AofA paid 50% of the assessed income tax amount exclusive of interest and any penalties, or $74 (A$107), during the third quarter 2020. Interest on the unpaid tax was accrued through the decision date, which, along with the initial interest assessment, was deductible against taxable income by AofA. AofA applied this deduction beginning in the third quarter of 2020 through the decision date, resulting in reductions in cash tax payments.
Previous report
The ATO did not appeal the ART’s decision, and the disputed tax claims (and additional related interest and penalties) have been withdrawn. With the withdrawal of the ATO’s claims, the prepaid tax asset and related interest of $78 (A$120) were refunded to AofA in July 2025, and accrued cash taxes of $225 (A$346) related to the interest deductions were reclassified to Taxes, including income taxes in June 2025 as these amounts are payable by AofA by June 1, 2026. The net cash impact of both the refunded amount and the accrued cash taxes is approximately $149 (A$226).
Previous report
Debt Repositioning
Previous report
In March 2025, Alumina Pty Ltd, a wholly-owned subsidiary of Alcoa Corporation, completed Rule 144A (U.S. Securities Act of 1933, as amended) debt issuances of $500 aggregate principal amount of 6.125% Senior Notes due 2030 (the 2030 Notes) and $500 aggregate principal amount of 6.375% Senior Notes due 2032 (the 2032 Notes, and, collectively with the 2030 Notes, the Notes). The net proceeds of these issuances were $985, reflecting a discount to the initial purchasers of the Notes as well as issuance costs. The Company utilized certain proceeds of these transactions to fund contributions to Alcoa Nederland Holding B.V. (ANHBV), a wholly-owned subsidiary of Alcoa Corporation and the issuer of the outstanding $750 aggregate principal amount of 5.500% Notes due 2027 (the Existing 2027 Notes) and $500 aggregate principal amount of 6.125% Notes due 2028 (the Existing 2028 Notes). These contributions were funded through a series of intercompany transactions, including the repayment of intercompany indebtedness and the issuance of intercompany dividends. ANHBV used such funds, along with cash on hand, to fund the purchase price pursuant to the cash tender offers announced and settled in March 2025, including premiums and transaction costs. The net proceeds also supported Alcoa’s general corporate purposes.
Previous report
In March 2025, ANHBV announced and settled cash tender offers which resulted in the tender and acceptance of $609 of the $750 aggregate principal amount of Existing 2027 Notes and $281 of the $500 aggregate principal amount of Existing 2028 Notes for purchase. The issuance of the 2030 Notes and 2032 Notes and the cash tender of the Existing 2027 Notes and Existing 2028 Notes were determined to be issuances of new debt and extinguishments of existing debt. As a result, the Company incurred $12 of debt settlement expenses in the first quarter of 2025 in Interest expense, which was comprised of the settlement premiums, transaction costs, and the write-off of unamortized discounts and deferred financing costs.
Previous report
Goodwill is reviewed for impairment annually during the fourth quarter using a discounted cash flow (DCF) model to estimate the fair value of the Alumina reporting unit. Changes in the estimates and assumptions utilized in the goodwill impairment analysis could result in a future impairment which could have a material impact on the Company’s consolidated financial position and results of operations. As of September 30, 2025, goodwill of $145 was included in Other noncurrent assets on the Consolidated Balance Sheet.
Previous report
In April 2025, the Company amended a $74 term loan extending maturity from May 2025 to November 2025. In September 2025, the Company fully repaid $74 drawn under the term loan and cancelled the agreement.
Previous report
The Company is actively engaged in negotiations related to the collective bargaining agreement with the Australian Workers Union (AWU) representing approximately 400 hourly employees at the Portland, Australia smelter that expired on June 30, 2025. A formal vote on the latest offer proposed by the Company is expected by the end of October 2025.
Previous report
In September 2025, a new four-year collective bargaining agreement was ratified with the Starfsgreinafélag Islands (AFL) and the Rafiðnaðarsamband Íslands (RSÍ) representing approximately 400 hourly employees at the Fjarðaál, Iceland smelter.
Previous report
The Company is actively engaged in negotiations related to the three collective bargaining agreements with le Syndicat des Métallos (FTQ) representing approximately 1,000 hourly employees at the Bécancour smelter in Québec, Canada that expired on July 19, 2025.
Previous report
Net income (loss) attributable to Alcoa Corporation was $232 in the third quarter of 2025 compared with $164 in the second quarter of 2025. The favorable change of $68 is primarily a result of:
Previous report
Higher aluminum prices
Previous report
Lower taxes
Previous report
Lower production costs across both segments
Previous report
Higher restructuring charges
Previous report
Write down of inventories associated with the closure of the Kwinana refinery
Previous report
Net income (loss) attributable to Alcoa Corporation was $944 in the nine-month period of 2025 compared with $(142) in the nine-month period of 2024. The favorable change of $1,086 is primarily a result of:
Previous report
Higher aluminum and alumina prices
Previous report
Lower taxes
Previous report
Higher restructuring charges
Previous report
Sales decreased $23 primarily as a result of:
Showing the first 40 of 148 passages. Open the source sections for the rest.
Reworded paragraphs (68)
Previous wording
During September and October 2025, the Western Australian Environmental Protection Authority (WA EPA) provided comments received during the 12-week public comment period for the Company’s mining activities in Australia, which include the plan for the next major mine regions (Myara North and Holyoake) and the rolling five-year mine plan (2023-2027) referred to the WA EPA in 2023 by a third party.
Current wording
The Company continued to advance mine approvals for its next major mine regions (Myara North and Holyoake) and the rolling five-year mine plan (2023-2027) referred to the Western Australia Environmental Protection Authority (WA EPA) in 2023 by a third party. During the first quarter of 2026, Alcoa submitted to the WA EPA responses to all comments received during a 12-week public comment period for the Company’s mining activities in Australia. The Company is committed to continuing to work collaboratively with stakeholders to achieve Ministerial decisions by the end of 2026, and anticipates mining in new major mine regions will commence no earlier than 2029. Until then, the Company expects bauxite quality will remain similar to recent grades.
Previous wording
During the third quarter of 2025, Alcoa continued to deliver on operational stability and the optimization of its portfolio, which included closing the sale of the Company’s full ownership interest in the joint venture with Saudi Arabian Mining Company (Ma’aden) and announcing the permanent closure of the Kwinana alumina refinery in Australia.
Current wording
Favorable mark-to-market results on the Saudi Arabian Mining Company (Ma’aden) shares
Previous wording
Lower shipments of aluminum and alumina
Current wording
Lower shipments of alumina and aluminum primarily related to seasonally lower first quarter shipments
Previous wording
Net loss attributable to noncontrolling interest of $(14) in the third quarter and $(27) in the nine-month period of 2025 reflects losses incurred at the San Ciprián smelter and refinery. Net loss attributable to noncontrolling interest of $(36) in the nine-month period of 2024 was driven by restructuring costs partially offset by favorable average realized price of alumina.
Current wording
Lower average realized price of alumina
Previous wording
Cost of goods sold as a percentage of sales decreased 4% primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales decreased 5 percent primarily as a result of:
Previous wording
Cost of goods sold as a percentage of sales increased 2% primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales increased 6 percent primarily as a result of:
Previous wording
Write offs of assets for projects no longer being pursued
Current wording
Write off of assets for projects no longer being pursued
Previous wording
Lower depreciation expense related to a group of assets reaching the end of their depreciable lives
Current wording
Lower depreciation expense related to the Kwinana (Australia) refinery closure
Previous wording
Absence of interest partially offset by debt settlement expenses for the Existing 2027 Notes and Existing 2028 Notes extinguished in March 2025
Current wording
Absence of interest and debt settlement expenses for $609 of 5.500% Senior Notes due 2027 (the 2027 Notes) and $281 of 2028 Notes extinguished in March 2025
Previous wording
Interest on $500 6.125% Senior Notes and $500 6.375% Senior Notes issued in March 2025
Current wording
Interest on $500 6.125% Senior Notes due 2030 (the 2030 Notes) and $500 6.375% Senior Notes due 2032 (the 2032 Notes) issued in March 2025
Previous wording
Other (income) expenses, net was ($1,034) in the third quarter of 2025 compared with ($112) in the second quarter of 2025. The favorable change of $922 was primarily a result of:
Current wording
Other (income) expenses, net was ($126) in the first quarter of 2026 compared with $115 in the fourth quarter of 2025. The favorable change of $241 was primarily a result of:
Previous wording
Favorable mark-to-market change on the Ma’aden shares
Current wording
Favorable mark-to-market results on the Ma’aden shares
Previous wording
Favorable currency revaluation impacts primarily due to absence of losses recognized in the second quarter of 2025 due to the U.S. dollar weakening against the euro and the Australian dollar and gains in the current quarter due to the U.S. dollar weakening against the Brazilian real, partially offset by absence of gains recognized in second quarter of 2025 due to the U.S. dollar weakening against the Brazilian real
Current wording
Favorable currency revaluation impacts primarily due to gains in the current quarter from the U.S. dollar weakening against the Brazilian real and the absence of losses recognized in the fourth quarter of 2025 when the U.S. dollar strengthened against the Brazilian real
Previous wording
Unfavorable mark-to-market results on derivative instruments primarily due to changes in the euro foreign exchange rate and lower power prices in the current quarter
Current wording
Favorable mark-to-market results on derivative instruments primarily due to favorable power price changes under a firming contract, partially offset by changes in the euro foreign exchange rate
Previous wording
Other (income) expenses, net was ($1,172) in the nine-month period of 2025 compared with $49 in the nine-month period of 2024. The favorable change of $1,221 was primarily a result of:
Current wording
Other (income) expenses, net was ($126) in the first quarter of 2026 compared with ($26) in the first quarter of 2025. The favorable change of $100 was primarily a result of:
Previous wording
Favorable mark-to-market change on Ma’aden shares subsequent to July 1, 2025
Current wording
Favorable mark-to-market results on Ma’aden shares subsequent to July 1, 2025
Previous wording
Favorable currency revaluation impacts primarily due to the absence of losses recognized in the prior year due to the U.S. dollar strengthening against the Brazilian real and gains in the current year due to the U.S. dollar weakening against the Brazilian real and Canadian dollar, partially offset by losses in the current year due to the U.S. dollar weakening against the euro
Current wording
Favorable currency revaluation impacts primarily due to gains in the current year from the U.S. dollar weakening against the Brazilian real, partially offset by absence of gains recognized in the prior year when the U.S. dollar weakened against the Brazilian real
Previous wording
Favorable mark-to-market results on derivative instruments primarily due to changes in the euro foreign exchange rate, partially offset by lower power prices in the current year
Current wording
Unfavorable mark-to-market results on derivative instruments primarily due to changes in the euro foreign exchange rate and lower power prices in the current year, partially offset by favorable power price changes under a firming contract executed in June 2025
Previous wording
In the second quarter of 2025, Restructuring and other charges, net of $14 primarily related to:
Current wording
In the fourth quarter of 2025, Restructuring and other charges, net of $14 primarily related to:
Previous wording
$16 for the take-or-pay contract costs at a previously closed site
Current wording
$2 for take-or-pay power contract costs at a previously closed site
Previous wording
The Benefit from income taxes in the third quarter of 2025 was ($51) on income before taxes of $167 or (30.5%). In comparison, the second quarter of 2025 Provision for income taxes was $10 on income before taxes of $161 or 6.2%.
Current wording
The Provision for income taxes in the first quarter of 2026 was $82 on income before taxes of $499 or 16.4 percent. In comparison, the fourth quarter of 2025 Benefit from income taxes was ($134) on income before taxes of $68 or (197.1 percent).
Previous wording
The Provision for income taxes in the nine-month period of 2025 was $79 on income before taxes of $996 or 7.9%. In comparison, the nine-month period of 2024 Provision for income taxes was $129 on a loss before taxes of $(49) or (263.3)%.
Current wording
The Provision for income taxes in the first quarter of 2026 was $82 on income before taxes of $499 or 16.4 percent. In comparison, the first quarter of 2025 Provision for income taxes was $120 on income before taxes of $668 or 18.0 percent.
Previous wording
The decrease in tax expense of $50 is primarily attributable to an overall reduction in income in jurisdictions where taxes are paid, primarily related to the restructuring charge associated with the Kwinana closure, partially offset by tax expense on the gain on sale of interest in the Saudi Arabia joint venture and favorable mark-to-market change on the Ma’aden shares.
Current wording
The decrease in tax expense of $38 is primarily attributable to an overall reduction in income in jurisdictions where taxes are paid, partially offset by a valuation allowance of $22 recorded against certain deferred tax assets of a wholly-owned subsidiary in Canada during the first quarter of 2026.
Previous wording
On March 31, 2025, Alcoa and IGNIS EQT entered into a joint venture agreement. Alcoa owns 75% and continues as the managing operator and IGNIS EQT owns 25% of the San Ciprián operations. Alcoa began recognizing earnings attributable to IGNIS EQT’s ownership interest within Noncontrolling interest in the second quarter of 2025.
Current wording
On March 31, 2025, Alcoa and Trento Equity Holdings, S.L.U. (Trento EQT) entered into a joint venture agreement with respect to the San Ciprián operations. Alcoa holds a 75% ownership interest and continues as managing operator, while Trento EQT holds the remaining 25% interest. Alcoa began recognizing earnings attributable to Trento EQT’s ownership interest within Noncontrolling interest in the second quarter of 2025.
Previous wording
Business Update. The average API of $367 per metric ton decreased 3% compared to the prior quarter. Compared to the nine-month period of 2024, the average API trended favorably, reflecting a 9% increase year-over-year.
Current wording
Business Update. The average API of $309 per metric ton decreased 4 percent compared to the prior quarter. Compared to the first quarter of 2025, the average API decreased 50 percent year-over-year.
Previous wording
Capacity. The Alumina segment had a base capacity of 11,653 kmt with 1,014 kmt of curtailed refining capacity. In the third quarter of 2025, base capacity and curtailed capacity decreased 2,190 due to the closure of the Kwinana refinery (see above).
Current wording
Capacity. The Alumina segment had a base capacity of 11,653 kmt with 1,014 kmt of curtailed refining capacity. There was no change in curtailed capacity during the quarter.
Previous wording
Increased production output at the Australia refineries due to decreased maintenance
Current wording
Reduced production at the Australia refineries due to the beginning of seasonal maintenance cycles
Previous wording
Lower average realized price of $1/ton principally driven by a lower average API
Current wording
Lower average realized price of $17 per metric ton principally driven by a lower average API
Previous wording
Higher average realized price of $26/ton principally driven by a higher average API
Current wording
Lower average realized price of $251 per metric ton principally driven by a lower average API
Previous wording
Higher average API on sales to the Aluminum segment
Current wording
Lower average API on sales to the Aluminum segment
Previous wording
Forward Look. For the fourth quarter of 2025 in comparison to the third quarter of 2025, the Alumina segment expects to benefit from the absence of charges to increase asset retirement obligations, higher shipments, and lower production costs.
Current wording
Forward Look. For the second quarter of 2026 in comparison to the first quarter of 2026, the Alumina segment expects lower price from bauxite offtake and supply agreements and higher energy costs, primarily related to increased diesel prices associated with the Middle East conf lict.
Previous wording
Alcoa expects 2025 total Alumina segment production and shipments to remain unchanged from its prior projection, ranging between 9.5 to 9.7 million metric tons, and between 13.1 and 13.3 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery in June 2024.
Current wording
Alcoa expects 2026 total Alumina segment production and shipments to remain unchanged from its prior projection, ranging between 9.7 to 9.9 million metric tons, and between 11.8 and 12.0 million metric tons, respectively. The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.
Previous wording
Business Update. Aluminum prices increased sequentially with LME prices on a 15-day lag averaging $2,598 per metric ton in the third quarter of 2025. Additionally, the average Midwest premium (United States and Canada) increased 58% sequentially following the increase on U.S. Section 232 tariff on aluminum imports from 25% to 50% on June 4, 2025.
Current wording
Business Update. Aluminum prices increased sequentially with LME prices on a 15-day lag averaging $3,120 per metric ton in the first quarter of 2026. Additionally, the average Midwest premium increased 21 percent sequentially.
Previous wording
In connection with terms of the updated viability agreement, the Company had restricted cash of $75 remaining at September 30, 2025, to be made available for capital improvements at the site and smelter restart costs. In the first quarter of 2025, $11 was released from restricted cash related to smelter restart and capital expenditures.
Current wording
The restart of the San Ciprián smelter was completed on April 7, 2026. At March 31, 2026, in connection with the viability agreement reached with the workers’ representatives of the San Ciprián smelter in December 2021 and subsequently updated in February 2023, the Company had restricted cash of $75 available for capital improvement commitments and restart costs incurred (which is subject to review by the workers’ representatives prior to release) at the site.
Previous wording
In the table below, total aluminum third-party shipments include metric tons that were not produced by the Aluminum segment. Such aluminum was purchased by this segment to satisfy certain customer commitments. The Aluminum segment bears the risk of loss of the purchased aluminum until control of the product has been transferred to this segment’s customers. Additionally, Total shipments include offtake from a joint venture supply agreement.
Current wording
In the table below, total aluminum third-party shipments include metric tons that were not produced by the Aluminum segment. Such aluminum was purchased by this segment to satisfy certain customer commitments. The Aluminum segment bears the risk of loss of the purchased aluminum until control of the product has been transferred to this segment’s customers. Additionally, Total shipments in 2025 include offtake from a joint venture supply agreement with Ma’aden prior to its termination in the first quarter of 2025. The contract was terminated in accordance with Alcoa’s sale of its 25.1% ownership in the Saudi Arabia joint venture to Ma’aden, which was completed on July 1, 2025.
Previous wording
Higher average realized price of $231/ton driven by higher regional premiums, particularly the Midwest premium (United States and Canada) which rose by an average of 58%, and a higher average LME (on a 15-day lag)
Current wording
Higher average realized price of $460 per metric ton driven by a higher average LME (on a 15-day lag) and higher regional premiums, particularly the Midwest premium (United States and Canada) which rose by an average of 21 percent
Previous wording
Higher average realized price of $455/ton driven by higher regional premiums, particularly the Midwest premium (United States and Canada) which rose by an average of 163%, and a higher average LME (on a 15-day lag)
Current wording
Higher average realized price of $996 per metric ton driven by higher regional premiums, particularly the Midwest premium (United States and Canada) which rose by an average of 215 percent, and a higher average LME (on a 15-day lag)
Previous wording
Unfavorable raw material costs primarily on higher average alumina input costs, partially offset by lower market prices for carbon materials
Current wording
Favorable raw material costs primarily on lower average alumina input costs
Previous wording
Tariffs on U.S. imports of aluminum from Canada, which were subject to a 50% tariff beginning on June 4, 2025 under U.S. Section 232
Current wording
Tariffs on U.S. imports of aluminum from Canada, which were subject to a 25 percent tariff beginning March 12, 2025 until increasing to 50 percent on June 4, 2025 under Section 232 of the Trade Expansion Act of 1962
Previous wording
In the third quarter of 2025, the Company began the restart of 20,000 metric tons per year (mtpy) of previously curtailed capacity at the Portland smelter in Australia. In the fourth quarter of 2024, the Company completed the restart of 16,000 mtpy of previously curtailed capacity at the Portland smelter that began in the fourth quarter of 2023.
Current wording
In the first quarter of 2026, the Company began the restart of 15 kmt of previously curtailed capacity at the Portland smelter in Australia.
Showing the first 40 of 68 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
Tariffs on U.S. imports of aluminum from Canada
Current report — wording carried from elsewhere
Lower average realized price of alumina
Current report — wording carried from elsewhere
Tariffs on U.S. imports of aluminum from Canada
Current report — wording carried from elsewhere
Higher alumina shipments primarily due to the San Ciprián smelter restart
Current report — wording carried from elsewhere
In the three-month period of 2026, the Company sold gross customer receivables of $211 and reinvested collections of $211 from previously sold receivables. In the three-month period of 2025, the Company sold gross customer receivables of $199 and reinvested collections of $199 from previously sold receivables. There were no cash remittances to or from the financial institution in either period.
Current report — wording carried from elsewhere
Cash collections from previously sold receivables yet to be reinvested of $42 were included in Accounts payable, trade on the Consolidated Balance Sheet as of March 31, 2026. Cash received from sold receivables under the agreement are presented within operating activities in the Statement of Consolidated Cash Flows. See Part I Item 1 of this Form 10-Q in Note H to the Consolidated Financial Statements.
Current report — wording carried from elsewhere
The source of cash in the three-month period of 2026 was primarily $100 of net short-term borrowings (see below), partially offset by $27 of dividends paid on stock.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
The Company has multiple contingency plans and anticipates mining in new major mine regions will commence no earlier than 2029. Until then, the Company expects bauxite quality will remain similar to recent grades.
Previous report — wording carried elsewhere
Unfavorable mark-to-market results on derivative instruments
Previous report — wording carried elsewhere
Favorable mark-to-market results on derivative instruments
Previous report — wording carried elsewhere
Higher average realized price of aluminum and alumina
Previous report — wording carried elsewhere
Write offs of assets for projects no longer being pursued
Previous report — wording carried elsewhere
Favorable mark-to-market change on the Ma’aden shares subsequent to July 1, 2025
Previous report — wording carried elsewhere
$12 for contract termination costs at a previously closed site
Previous report — wording carried elsewhere
On March 31, 2025, Alcoa and IGNIS EQT entered into a joint venture agreement, which includes the San Ciprián smelter (see above). The joint venture agreement allows for the planned restart of the San Ciprián smelter in 2025, a commitment included in the viability agreement reached with the workers’ representatives of the San Ciprián smelter in December 2021, and subsequently updated in February 2023.
Previous report — wording carried elsewhere
Tariffs on U.S. imports of aluminum from Canada, which were subject to a 50% tariff beginning on June 4, 2025 under U.S. Section 232
Previous report — wording carried elsewhere
The cash received and subsequently paid under the inventory repurchase agreements is included in Cash (used for) provided from financing activities on the Statement of Consolidated Cash Flows.