Alcoa Corp
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 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 2026-03-31; filed 2026-04-30.
0001193125-26-197447
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001193125-26-326265
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 224 previous paragraphs and 259 current paragraphs.
89 unchanged; 62 reworded; 100 added; 65 removed; 8 previous and 8 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 (100)
Current report
During the second quarter of 2026, Alcoa delivered strong operational and financial performance and continued to execute on its strategic priorities, including the announced agreement to acquire South32 Limited’s (South32) equity interests in its bauxite, alumina, and aluminum assets. The Company set year-to-date production records at four aluminum smelters and at one alumina refinery, progressed multiple smelter capacity restarts, and completed negotiations for new multi-year collective bargaining agreements in Australia, the U.S., and Canada.
Current report
AliGroup Acquisition
Current report
On June 30, 2026, Alcoa entered into an Umbrella Implementation Deed (Deed) with South32 to acquire South32’s equity interests in its bauxite, alumina, and aluminum assets (referred to as AliGroup) for consideration consisting of $3,100 of cash and approximately 17 million shares of Alcoa common stock (which may, in part, be delivered in the form of Alcoa CHESS Depositary Interests (CDIs)) with an agreed value as of the execution of the Deed of approximately $1,000 (based on the volume weighted average price over the 10 trading days ended June 26, 2026 of $58.79 per share), subject to customary adjustments set forth in the Deed (the Transaction). In addition, Alcoa agreed to pay South32 a ticking fee equal to 5 percent per annum on the $3,100 cash consideration for the period from South32 shareholder approval through the closing date. Alcoa also agreed to pay South32 up to an aggregate $750 in cash contingent on average alumina and aluminum prices exceeding the respective agreed strike prices for each of four successive, annual periods, beginning July 1, 2026 for a specific portion of the related alumina and aluminum production volumes of the acquired assets. The Deed also contains customary representations and warranties, covenants, indemnification obligations, and termination fees for transactions of this nature.
Current report
The Transaction reinforces Alcoa’s position as a leading pure-play upstream aluminum company, while strengthening its global portfolio with complementary assets to the Company’s existing portfolio. The acquisition will add a high-quality, low-cost, and globally diversified set of mining, refining, and smelting assets, with greater scale and integration expected to reduce complexity, lower costs, and improve competitiveness while strengthening supply chain resilience across key jurisdictions. Alcoa’s proven operating model, technical expertise, and commercial capabilities are expected to unlock meaningful operational improvements and synergies across the combined portfolio. The Company expects these assets to enhance financial results across business cycles and sustainably improve Alcoa’s position on the global alumina and aluminum cost curves.
Current report
The Transaction includes South32’s 86% interests in the Boddington bauxite mine and the Worsley alumina refinery in Australia; 100% interests in the Hillside aluminum smelter and idled Bayside smelter property in South Africa; and interests of 33% in the Mineração Rio do Norte (MRN) bauxite mine, 36% in the Alumar refinery, and 40% interest in the Alumar smelter, each in Brazil.
Current report
The Transaction utilizes a locked box mechanism under which the purchase price is based on AliGroup’s financial position as of March 31, 2026 (the Locked Box Date), and Alcoa is entitled to the economic benefits and risks of ownership from the Locked Box Date through the closing date. Customary protections apply to prevent leakage of value from AliGroup between the Locked Box Date and the closing date, subject to customary exceptions for permitted leakage.
Current report
The Transaction is expected to close in the first half of 2027, subject to the satisfaction or waiver of closing conditions, including approval by South32’s shareholders, receipt of required regulatory approvals, and other customary conditions specified in the Deed.
Current report
In connection with the Transaction, on June 30, 2026, the Company obtained commitments for bridge financing of up to $3,100. The financing consists of commitments for a senior unsecured 364-day bridge term loan credit facility that would be available upon closing of the Transaction, subject to customary conditions, including the consummation of the Transaction in accordance with the terms of the Deed. The facility also contains customary representations, warranties, covenants, and indemnification provisions. The Company currently intends to replace the bridge financing with permanent financing prior to the closing date.
Current report
The Company expects to incur transaction-related costs, including advisory, legal, accounting, valuation, and financing fees, which are expensed as incurred. During the six-month period of 2026, the Company recognized transaction-related costs of $13, which were included in Selling, general and administrative expenses on the accompanying Statement of Consolidated Operations.
Current report
Australia Mine Approvals
Current report
The Company has contingency plans to support operations if Ministerial decisions are delayed beyond 2026. Based on current plans, approval delays extending through the first half of 2027 are not expected to materially affect bauxite supply or quality, or operating costs. For longer delays, the Company could implement additional operational measures, including modifications to mining activities and refinery operating rates, to mitigate potential impacts.
Current report
Additionally, during the second quarter of 2026, the Company continued engagement with government stakeholders related to the 2025-2029 mine plan, which the Company aims to have in place in 2026. The WA government has indicated it intends to issue an updated Section 6 exemption order aligned with the 2025-2029 plan, to replace the exemption granted in 2023 that allows Alcoa’s mining operations to continue while the WA EPA assessment is undertaken.
Current report
Gallium Joint Venture
Current report
On July 14, 2026, Alcoa and government and industry partners of Australia, Japan, and the United States announced the final investment decision for a gallium production plant at the Wagerup refinery in Australia. The Company contributed $24 to the joint venture upon formation in June 2026, which reflects Alcoa’s total expected contribution. Alcoa’s participation in the joint venture, including its role as construction and operating manager, is not expected to have a material impact on the Company’s financial position or results of operations.
Current report
San Ciprián Operations
Current report
Subsequent to June 30, 2026, the Company converted the mandatory convertible note of $153 (€130), provided to the San Ciprián operations in December 2025, and acquired Trento EQT’s remaining ownership interest for $28 (€25). As a result, Alcoa will hold a 100% ownership interest in the San Ciprián operations as of August 1, 2026 and recognize earnings attributable to noncontrolling interest through July 31, 2026.
Current report
Other Matters
Current report
In July 2026, a new four-year collective bargaining agreement was ratified with the Australian Workers Union (AWU) representing approximately 1,400 employees across the mining and refining operations in Western Australia.
Current report
In June 2026, a new four-year collective bargaining agreement was ratified with the United Steelworkers (USW) at the Company’s U.S. smelters, representing approximately 1,000 employees at Warrick, Indiana and Massena, New York.
Current report
In May 2026, new five-year collective bargaining agreements were ratified with the United Steelworkers in Canada (Syndicat des Métallos) at the Aluminerie de Bécancour Inc. (ABI) smelter in Québec, Canada, representing approximately 1,000 employees.
Current report
Unfavorable energy impacts
Current report
Net income attributable to Alcoa Corporation increased $120 primarily as a result of:
Current report
Net unfavorable currency impacts
Current report
Higher energy prices in the Alumina segment
Current report
Sales increased $773 primarily as a result of:
Current report
Favorable currency impacts
Current report
Sales increased $772 primarily as a result of:
Current report
Lower shipments of alumina
Current report
Unfavorable energy impacts
Current report
Higher costs associated with the restart of the San Ciprián smelter
Current report
Higher energy prices in the Alumina segment
Current report
Selling, general administrative, and other expenses increased $31 primarily as a result of:
Current report
Unfavorable currency revaluation impacts
Current report
Higher labor costs
Current report
Increased fees for professional services
Current report
Increased information technology services
Current report
The Provision for depreciation, depletion, and amortization increased $11 primarily as a result of:
Current report
Higher depreciation in Brazil for mine reclamation and bauxite residue storage asset retirement obligations
Current report
The Provision for depreciation, depletion, and amortization increased $34 primarily as a result of:
Current report
Higher depreciation in Brazil for mine reclamation and bauxite residue storage asset retirement obligations
Showing the first 40 of 100 passages. Open the source sections for the rest.
Removed paragraphs (65)
Previous report
Net income attributable to Alcoa Corporation increased $212 primarily a result of:
Previous report
Absence of impairment of goodwill associated with a 1994 acquisition in the Alumina segment
Previous report
Net favorable currency impacts
Previous report
Higher taxes and absence of reversal of valuation allowances on related deferred tax assets
Previous report
Absence of carbon dioxide compensation in Spain and Norway
Previous report
Lower seasonal shipments of aluminum and alumina
Previous report
Net income attributable to Alcoa Corporation decreased $123 primarily a result of:
Previous report
Sales decreased $256 primarily as a result of:
Previous report
Lower shipments of alumina and aluminum primarily related to seasonally lower first quarter shipments
Previous report
Sales decreased $176 primarily as a result of:
Previous report
Lower shipments of alumina primarily related to externally sourced alumina to satisfy certain customer commitments
Previous report
Higher shipments of aluminum
Previous report
Absence of a charge to increase environmental reserves related to investments in environmental offsets at the Huntly (Australia) mine
Previous report
Lower seasonal shipments of aluminum and alumina
Previous report
Absence of recognition of carbon dioxide compensation in Spain
Previous report
Selling, general administrative, and other expenses increased $12 primarily as a result of unfavorable currency impacts and higher labor costs.
Previous 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:
Previous report
Higher amortization for Australian mine development costs
Previous report
Write off of assets for projects no longer being pursued
Previous report
Interest expense increased $19 primarily as a result of:
Previous report
Absence of correction to capitalized interest recognized in the fourth quarter of 2025
Previous report
Other(income) expenses, net
Previous report
Settlement of insurance claim related to property damage incurred in 2024
Previous report
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 report
Favorable mark-to-market results on Ma’aden shares subsequent to July 1, 2025
Previous report
Settlement of insurance claim related to property damage incurred in 2024
Previous report
$18 for take-or-pay power contract costs at previously closed sites
Previous report
$13 for take-or-pay power contract costs at previously closed sites
Previous report
$18 for take-or-pay power contract costs at previously closed sites
Previous report
In the first quarter of 2025, Restructuring and other charges, net of $5 primarily related to:
Previous report
Provisionfor (benefit from) income taxes
Previous report
Net loss attributable to noncontrolling interest decreased $3 in comparison to the fourth quarter of 2025 and increased $8 in comparison to the first quarter of 2025. The sequential decrease is primarily a result of higher average realized price of aluminum and favorable currency revaluation impacts. The year-to-date increase is a result of the losses incurred at the San Ciprián smelter and refinery in 2026.
Previous report
In the first quarter of 2026, vessel constraints related to the Middle East conflict, 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.
Previous report
Alumina production decreased 5 percent primarily as a result of:
Previous report
Reduced production at the Australia refineries due to the beginning of seasonal maintenance cycles
Previous report
Alumina production was consistent with the first quarter of 2025.
Previous report
Third-party sales decreased $322 primarily as a result of:
Previous report
Lower shipments of alumina primarily due to lower sales of externally sourced alumina to satisfy certain customer commitments, seasonally lower first quarter shipments, and shipment delays in Australia primarily related to the Middle East conflict and Cyclone Narelle
Previous report
Third-party sales decreased $806 primarily as a result of:
Previous report
Intersegment alumina sales decreased $12 primarily as a result of:
Showing the first 40 of 65 passages. Open the source sections for the rest.
Reworded paragraphs (62)
Previous wording
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 wording
Average alumina prices decreased 1 percent and average aluminum prices increased 15 percent in the second quarter of 2026 compared with the first quarter of 2026. In addition, the average Midwest premium increased 10 percent and the average Rotterdam premium increased 47 percent sequentially. Alumina prices continued to be impacted by refinery expansions, primarily in China and Indonesia, in addition to impacts from Middle East conflict disruptions. The aluminum price and regional premium increases were driven by low inventory levels and supply disruptions, which included impacts related to the Middle East conflict.
Previous wording
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 wording
Since the Middle East conflict began, the region has experienced announced curtailments of more than 2,500 kmt of annual smelting capacity and nearly 2,000 kmt of refining capacity. Additionally, the disruption of transit through the Strait of Hormuz has restricted the inflow of raw materials and caused vessel constraints globally. During the second quarter of 2026, the Company continued to support its customers in managing the logistics for certain alumina shipments. The conflict in the Middle East also caused increases in energy costs; Alcoa has limited its exposure to volatility in spot energy through long-term natural gas and electricity contracts and financial hedges.
Previous 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.
Current wording
During the second quarter of 2026, the Company continued to work collaboratively with stakeholders 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. Recent engagement with government stakeholders provided insight into important steps remaining in the approvals process. The Company 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
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 wording
On May 15, 2026, Alcoa Nederland Holding B.V. (ANHBV), a wholly-owned subsidiary of Alcoa Corporation, redeemed the remaining $219 aggregate principal amount of its 6.125% notes due in 2028 (the 2028 Notes). The notes were redeemed at a price equal to 100 percent of the principal amount, plus accrued and unpaid interest, using cash on hand.
Previous wording
Interest expense decreased $18 primarily as a result of:
Current wording
Net income attributable to Alcoa Corporation decreased $18 primarily as a result of:
Previous wording
Favorable mark-to-market results on the Saudi Arabian Mining Company (Ma’aden) shares
Current wording
Unfavorable mark-to-market results on the Saudi Arabian Mining Company (Ma’aden) shares
Previous wording
Lower energy costs in the Aluminum segment
Current wording
Higher production costs in the Alumina segment
Previous wording
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 wording
Higher costs associated with the restart of the San Ciprián (Spain) smelter
Previous wording
Unfavorable impacts from certain energy contracts linked to metal pricing
Current wording
Unfavorable impacts from certain energy contracts linked to metal prices
Previous wording
Cost of goods sold as a percentage of sales decreased 5 percent primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales decreased 4 percent primarily as a result of:
Previous wording
Cost of goods sold as a percentage of sales increased 6 percent primarily as a result of:
Current wording
Cost of goods sold as a percentage of sales decreased 3 percent primarily as a result of:
Previous wording
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 wording
Selling, general administrative, and other expenses increased $18 primarily as a result of increased fees for professional services.
Previous 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
Current wording
Decreased interest and absence of debt settlement expenses for 5.500% Senior Notes due 2027 (the 2027 Notes) extinguished in March 2025 and December 2025
Previous 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:
Current wording
Other expenses (income), net was $200 in the second quarter of 2026 compared with ($126) in the first quarter of 2026. The unfavorable change of $326 was primarily a result of:
Previous wording
Favorable mark-to-market results on the Ma’aden shares
Current wording
Unfavorable mark-to-market results on the Ma’aden shares
Previous 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
Current wording
Unfavorable mark-to-market results on derivative instruments primarily due to lower power prices in the current quarter and unfavorable power price changes under a firming contract
Previous 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
Current wording
Unfavorable currency revaluation impacts primarily due to absence of gains recognized in the first quarter of 2026 due to the U.S. dollar weakening against the Brazilian real
Previous wording
Favorable mark-to-market results on the Ma’aden shares
Current wording
Unfavorable mark-to-market results on the Ma’aden shares in the six-month period of 2026
Previous 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
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 the absence of gains recognized in the prior year when the U.S. dollar weakened against the Brazilian real
Previous wording
In the fourth quarter of 2025, Restructuring and other charges, net of $14 primarily related to:
Current wording
In the six-month period of 2026, Restructuring and other charges, net of $14 primarily related to:
Previous wording
$3 for certain employee obligations related to the February 2023 updated viability agreement for the San Ciprián aluminum smelter
Current wording
$9 charge for certain employee obligations related to the February 2023 updated viability agreement reached with the workers’ representatives of the San Ciprián aluminum smelter
Previous wording
$2 for take-or-pay power contract costs at a previously closed site
Current wording
($10) benefit for take-or-pay contract costs at a previously closed site
Previous 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.
Current wording
The Provision for income taxes in the second quarter of 2026 was $73 on income before taxes of $482 or 15.1 percent. In comparison, the first quarter of 2026 Provision for income taxes was $82 on income before taxes of $499 or 16.4 percent.
Previous 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.
Current wording
The decrease in tax expense of $9 is primarily attributable to the absence of a valuation allowance of $22 recorded against certain deferred tax assets of a wholly-owned subsidiary in Canada during the first quarter of 2026, and an overall reduction in income in jurisdictions where taxes are paid, partially offset by the impact of the increased annualized effective tax rate when applied to current period earnings.
Previous 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).
Current wording
The Provision for income taxes in the six-month period of 2026 was $155 on income before taxes of $981 or 15.8 percent. In comparison, the six-month period of 2025 Provision for income taxes was $130 on income before taxes of $829 or 15.7 percent.
Previous wording
The increase in tax expense of $216 is primarily due to the absence of a net discrete benefit of $127 related to net benefits recorded at Alcoa World Alumina Brasil Ltda. and ANHBV in the fourth quarter of 2025, primarily for the reversal of valuation allowances on related deferred tax assets. Additionally, tax expense increased as a result of the impact of the annualized effective tax rate when applied to current period earnings, higher income in jurisdictions where taxes are paid, and a valuation allowance of $22 recorded against certain deferred tax assets of a wholly-owned subsidiary in Canada during the first quarter of 2026.
Current wording
The increase in tax expense of $25 is primarily attributable to 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 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.
Current wording
On March 31, 2025, Alcoa and 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 $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.
Current wording
Business Update. The average API of $307 per metric ton decreased 1 percent compared to the prior quarter. Compared to the six-month period of 2025, the average API decreased 38 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. There was no change in curtailed capacity during the quarter.
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 in 2026.
Previous wording
Lower average realized price of $17 per metric ton principally driven by a lower average API
Current wording
Lower average realized price of $146 per metric ton principally driven by a lower average API
Previous wording
Lower shipments of alumina primarily due lower sales of externally sourced alumina to satisfy certain customer commitments and shipment delays in Australia primarily related to the Middle East conflict and Cyclone Narelle
Current wording
Lower shipments of alumina primarily due to lower sales of externally sourced alumina to satisfy certain customer commitments, lower production, and decreased trading
Previous wording
Lower average API on sales to the Aluminum segment
Current wording
Higher average API on sales to the Aluminum segment
Previous wording
Higher alumina shipments primarily due to the San Ciprián smelter restart
Current wording
Higher alumina shipments primarily due to smelter capacity restarts
Previous 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.
Current wording
Forward Look. For the third quarter of 2026 in comparison to the second quarter of 2026, the Alumina segment expects favorable production costs related to the recovery of stability at the Pinjarra refinery and lower energy prices, primarily diesel and fuel oil, to be partially offset by planned maintenance in Brazil.
Previous 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.
Current wording
Business Update. In the second quarter of 2026, the Aluminum segment experienced record Segment Adjusted EBITDA of $1,073 and Segment Adjusted EBITDA as a percentage of sales of 32 percent. Aluminum prices increased sequentially with LME prices on a 15-day lag averaging $3,585 per metric ton in the second quarter of 2026. Additionally, the average Midwest premium increased 10 percent and the average Rotterdam premium increased 47 percent sequentially.
Previous wording
In the second quarter of 2025, the Company began the restart of one potline (31 kmt) at the Lista smelter in Norway that was curtailed in August 2022.
Current wording
In the second quarter of 2026, the Company completed the restart of one potline (31 kmt) at the Lista smelter in Norway that began in the first quarter of 2026. The line was curtailed in August 2022.
Previous 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.
Current wording
In the second quarter of 2026, the Company completed the restart of 15 kmt of previously curtailed capacity at the Portland smelter in Australia that began in the first quarter of 2026.
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 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.
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 included 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 $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
Current wording
Higher average realized price of $543 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 10 percent and the Rotterdam premium (Europe) which rose by an average of 47 percent
Previous 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)
Current wording
Higher average realized price of $1,327 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 179 percent and the Rotterdam premium (Europe) which rose by an average of 102 percent
Showing the first 40 of 62 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Unfavorable mark-to-market results on derivative instruments
Current report — wording carried from elsewhere
Unfavorable mark-to-market results on derivative instruments
Current report — wording carried from elsewhere
Higher production costs in the Alumina segment
Current report — wording carried from elsewhere
Unfavorable impacts from certain energy contracts linked to metal prices
Current report — wording carried from elsewhere
Decreased interest and debt settlement expenses for the 2028 Notes extinguished in March 2025 and May 2026
Current report — wording carried from elsewhere
Tariffs on U.S. imports of aluminum from Canada under Section 232 of the Trade Expansion Act of 1962
Current report — wording carried from elsewhere
In the second quarter of 2026, the Company completed the restart of 15 kmt of previously curtailed capacity at the Portland smelter in Australia that began in the first quarter of 2026.
Current report — wording carried from elsewhere
In the second quarter of 2026, the Company completed the restart of one potline (31 kmt) at the Lista smelter in Norway that began in the first quarter of 2026. The line was curtailed in August 2022.
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
Lower average realized price of alumina
Previous report — wording carried elsewhere
In the first quarter of 2026, Restructuring and other charges, net of $18 primarily related to:
Previous report — wording carried elsewhere
Lower average realized price of $251 per metric ton principally driven by a lower average API
Previous report — wording carried elsewhere
Higher alumina shipments primarily due to the San Ciprián smelter restart
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
Favorable raw material costs primarily on lower average alumina input costs
Previous report — wording carried elsewhere
As of March 31, 2026, the Company was in compliance with all financial covenants. There were no borrowings outstanding at March 31, 2026, and no amounts were borrowed during the three-month periods of 2026 and 2025 under the Japanese Yen Revolving Credit Facility.
Previous report — wording carried elsewhere
On April 24, 2026, the Japanese Yen Revolving Credit Facility matured with no amounts outstanding at expiration.