Welcome to our dedicated page for Alcoa Corporation news (Ticker: AA), a resource for investors and traders seeking the latest updates and insights on Alcoa Corporation stock.
Alcoa Corporation (NYSE: AA) is a global leader in the production and management of bauxite, alumina, and aluminum products. Established nearly 130 years ago, Alcoa has been a forerunner in the aluminum industry, continually innovating to make aluminum an affordable and essential part of modern life. The company operates in three segments: Bauxite, Alumina, and Aluminum, with the majority of revenue generated from the Aluminum segment. Alcoa is committed to sustainability, efficiency, and community strength, leveraging its substantial energy assets and extensive portfolio of value-added cast and rolled products. Recent initiatives include the curtailment of its Kwinana Alumina Refinery in Australia, the acquisition of Alumina Limited, and continued advancements in its ELYSIS™ technology, which aims to produce aluminum with zero direct greenhouse gas emissions.
Alcoa's business operations span the entire aluminum value chain, from bauxite mining and alumina refining to the production of primary aluminum. The company has a strong presence in both the U.S. and global markets, with significant contributions from its operations in Australia, Brazil, and Europe. Financially, Alcoa has shown resilience, adapting to market conditions and focusing on long-term profitability and shareholder value. The company's partnerships, including those with ELYSIS™ and Nexans, emphasize its commitment to sustainability and innovation in the aluminum industry. Alcoa's forward-looking strategies are geared towards enhancing operational efficiency, reducing environmental impact, and driving technological advancements.
Alcoa (NYSE: AA) reported improved Q3 2024 results, reflecting the acquisition of Alumina and sequential increases in key financial metrics. Highlights include:
- Net income increased to $90 million ($0.38 per share)
- Adjusted net income rose to $135 million ($0.57 per share)
- Adjusted EBITDA excluding special items grew to $455 million
The company completed the Alumina acquisition, announced the sale of its 25.1% interest in Ma'aden joint ventures, and progressed on a strategic agreement for San Ciprián operations. Alcoa maintained a $1.3 billion cash balance and paid a $0.10 per share dividend. Alumina production decreased 4% due to Kwinana refinery curtailment, while aluminum production increased 3% with Alumar smelter restart progress.
Alcoa and IGNIS EQT are progressing toward a strategic cooperation agreement to support Alcoa's San Ciprián operations. The proposed partnership involves Alcoa contributing €75 million and IGNIS EQT investing €25 million initially. Alcoa would retain 75% ownership and continue as managing operator, while IGNIS EQT would hold 25% ownership. Up to €100 million additional funding from Alcoa may be provided as needed.
The partnership aims to leverage Alcoa's expertise in aluminum operations and IGNIS EQT's knowledge of energy markets. Key conditions include stakeholder cooperation, increased CO2 compensation support, permitting for power generation projects, and flexibility in the current smelter Viability Agreement. This strategic move comes after Alcoa's unsuccessful attempts to sell 100% of the San Ciprián operations due to challenging economic conditions, primarily high energy costs.
Alcoa (NYSE: AA; ASX: AAI) has announced a quarterly cash dividend declaration by its Board of Directors. The dividend, set at $0.10 per share, applies to both the Company's common stock and Series A convertible preferred stock. Stockholders of record as of the close of business on October 29, 2024, will receive the dividend payment on November 15, 2024. This announcement demonstrates Alcoa's commitment to providing regular returns to its shareholders, reflecting the company's financial stability and shareholder value focus.
Alcoa (NYSE: AA; ASX: AAI) has announced a long-term alumina supply contract extension with Aluminium Bahrain B.S.C. (Alba). The agreement, set to run from 2026 to 2035, allows Alba to procure up to 16.5 million tonnes of smelter grade alumina, primarily from Western Australia. This extension makes Alcoa Alba's largest third-party supplier of alumina.
Alcoa's President & CEO, William F. Oplinger, highlighted that this contract strengthens Alcoa's position as the premier global alumina supplier while providing strategic support to one of the world's largest aluminum producers. The agreement aligns with Alcoa's strategy to be a supplier of choice for long-term supply stability and supports the company's flexibility in managing its alumina position.
Alba's CEO, Ali Al Baqali, emphasized that the partnership with Alcoa reinforces their commitment to sustainability and mutual growth, while securing a steady alumina supply for their operations.
Alcoa (NYSE: AA; ASX: AAI) has announced that it will release its third quarter 2024 financial results on Wednesday, October 16, 2024, after the close of trading on the New York Stock Exchange. The company will host a conference call to discuss the results on the same day at 5:00 p.m. EDT (October 17, 2024, at 8:00 a.m. AEDT).
The call will be webcast live on Alcoa's website, www.alcoa.com. The earnings press release and related presentation will be available in the 'Investors' section of the website. William Oplinger, President and CEO, and Molly Beerman, Executive VP and CFO, will host the call.
A telephone replay will be available from approximately 8:00 p.m. EDT on October 16 until October 23, 2024. The webcast will also be archived on the company's website.
Alcoa (NYSE: AA) has announced an agreement to sell its 25.1% stake in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. Alcoa will hold the Ma'aden shares for a minimum of three years, with gradual transferability. The deal simplifies Alcoa's portfolio in Saudi Arabia and provides greater financial flexibility. The joint venture, established in 2009, comprises two entities: Ma'aden Bauxite and Alumina Company (MBAC) and Ma'aden Aluminium Company (MAC). The transaction is subject to regulatory approvals and Ma'aden shareholder approval, with an expected closing in the first half of 2025.
Alcoa 's Executive Vice President and CFO, Molly S. Beerman, is set to participate in two major investor conferences in September 2024. She will engage in Q&A sessions about Alcoa's business outlook and current market conditions at the Jefferies 2024 Industrials Conference on September 5 and the Morgan Stanley 12th Annual Laguna Conference on September 12.
A slide presentation for these conferences will be available on Alcoa's website from September 4. Live audio webcasts of Beerman's sessions will be accessible on the company's website, with transcripts and audio replays made available afterwards. These events provide an opportunity for investors to gain insights into factors potentially affecting Alcoa's financial results for the current quarter.
Alcoa (NYSE: AA, ASX: AAI) has announced a leadership transition in its Investor Relations department. Louis Langlois, currently senior vice president and treasurer, will assume the role of senior vice president, Treasury and Capital Markets, effective September 1, 2024. He will take over the investor relations and pension investment functions from Jim Dwyer, who is retiring after more than 30 years of service.
Mr. Langlois will continue to report to Molly Beerman, Executive Vice President and Chief Financial Officer. As part of the transition, Yolande Doctor will become director of Investor Relations, managing day-to-day relationships with the investor community. Mr. Langlois brings extensive financial management experience and a thorough understanding of Alcoa's business to his new role.
Alcoa (NYSE: AA, ASX: AAI) has released its 2023 Sustainability Report, highlighting progress on long-term sustainability goals. Key achievements include:
- Maintained zero fatalities commitment
- Increased renewable electricity use to 87%, surpassing the 85% goal for global smelting by 2025
- Disclosed performance against Global Industry Standard on Tailings Management
- Issued first global Modern Slavery Statement
- Increased female workforce representation to 19.1%
The report covers areas such as health and safety, community commitment, climate change, inclusion diversity and equity, and innovation. Alcoa's efforts are guided by its core values: integrity, excellence, care for people, and courageous leadership.
Alcoa (NYSE: AA; ASX: AAI) has successfully completed its acquisition of Alumina , strengthening its position as a global leader in bauxite and alumina production. The all-stock transaction, valued at approximately $2.8 billion, gives Alcoa full ownership and control of the Alcoa World Alumina and Chemicals (AWAC) joint venture. Alumina shareholders received 0.02854 Alcoa shares for each Alumina share, primarily in the form of CDIs tradable on the ASX.
The acquisition is expected to create long-term value through increased financial and operational flexibility. Alcoa anticipates achieving synergies through simplified corporate governance and enhanced strategic optionality. The company has established a secondary listing on the ASX under the ticker 'AAI', with CDI trading set to begin on August 2, 2024.
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