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Alcoa Corporation - AA STOCK NEWS

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.

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Alcoa (NYSE: AA) released preliminary second quarter 2024 results, showing sequential increases in revenue, net income, adjusted net income, and Adjusted EBITDA due to higher alumina and aluminum prices. Revenue is expected to range between $2,850 million and $2,925 million, up from $2,599 million in 1Q24. Net income is forecasted between $5 million and $25 million, compared to a net loss of $(252) million in the prior quarter. Adjusted EBITDA is anticipated to be between $310 million and $330 million, significantly higher than the $132 million in 1Q24. Alcoa's acquisition of Alumina is on track for completion around August 1, 2024.

Despite decreased alumina production and shipments due to the Kwinana refinery curtailment, the aluminum segment shows strong output, with shipments expected to increase by 7% sequentially. CEO William F. Oplinger attributed the improvements to market conditions, and Alcoa's cash balance remains stable at approximately $1.4 billion.

Additionally, Alcoa reported progress on the ELYSIS technology with Rio Tinto and ongoing efforts to secure energy solutions for the San Ciprián complex, which is also being considered for sale.

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Alcoa (NYSE: AA) has announced progress on the ELYSIS technology by agreeing with Rio Tinto to launch the first industrial-scale demonstration of the carbon-free smelting technology in Arvida, Quebec. This technology, developed at Alcoa's Technical Center, eliminates all greenhouse gas emissions from the smelting process and produces oxygen as a byproduct. The demonstration will feature 10 smelting pots operating at 100 kiloamperes and aims for first production by 2027. Alcoa can purchase up to 40% of the metal produced, benefiting its customers early in the technology cycle. The project underscores Alcoa's ongoing innovation in aluminum smelting since 1886 and supports global decarbonization efforts.

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Alcoa (NYSE: AA) will announce its second quarter 2024 financial results on July 17, 2024, after trading hours on the New York Stock Exchange. A conference call discussing these results will follow at 5:00 p.m. EDT. The press release and a related presentation will be available on Alcoa's website. Alcoa will also release preliminary financial information on July 10, 2024, ahead of a Special Meeting of Stockholders on July 16, 2024, related to the acquisition of Alumina The conference call will be hosted by CEO William Oplinger and CFO Molly Beerman. A telephone replay and webcast archive will be accessible post-event.

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Alcoa (NYSE: AA) has announced significant progress in its acquisition of Alumina Key milestones include the filing of a definitive proxy statement with the SEC and the receipt of regulatory approvals from Brazil's CADE and the Australian Competition and Consumer Commission. Alumina's Scheme Booklet has been registered with ASIC, and a shareholder vote is scheduled for July 18, 2024, with a second court hearing on July 22, 2024, if the vote succeeds. The acquisition, deemed fair and reasonable by an Independent Expert Report, is expected to complete by August 1, 2024, subject to customary conditions.

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Alcoa's Executive Vice President and CFO, Molly S. Beerman, will participate in a webcast session at the JP Morgan 2024 Energy, Power & Renewables Conference on June 18, 2024, in New York. Beerman will discuss Alcoa's business, the acquisition of Alumina , and the company's market outlook and financial results for the current quarter. The session will be available via a live audio webcast and will be archived for later access on Alcoa's website.

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Alcoa has entered into an Amended Scheme of Implementation Deed with Alumina regarding their acquisition. The updated agreement maintains the originally announced consideration of 0.02854 New Alcoa CDIs per share of Alumina The transaction is on track to complete in Q3 2024 and includes the support of significant stakeholders like Allan Gray Australia. CITIC, which holds a stake in Alumina , will receive part of its consideration in non-voting convertible series A preferred stock to comply with U.S. regulations. Required approvals include those from Australia's Foreign Investment Review Board and Brazil's antitrust regulator, with the Australian Competition and Consumer Commission opting out of a public review.

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Alcoa (NYSE: AA) declared a quarterly cash dividend of $0.10 per share of common stock. The dividend will be paid on June 7, 2024, to stockholders of record as of May 21, 2024.

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Alcoa President and CEO William Oplinger will participate in the BofA Securities 2024 Global Metals, Mining & Steel Conference to discuss Alcoa’s business, recent acquisition of Alumina , market outlook, and financial results. The presentation will be followed by a Q&A session. The slide presentation will be available on the Company's website. A live audio webcast and replay will also be accessible.

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Alcoa reported its first quarter 2024 results, including the acquisition of Alumina and various operational improvements. Revenue was $2.6 billion, with a net loss of $252 million. Alcoa initiated the potential sale of the San Ciprián complex, completed the restart of a potline at Warrick Operations, and announced the curtailment of the Kwinana refinery in Australia. The company also paid a quarterly cash dividend of $0.10 per share and finished the quarter with a cash balance of $1.4 billion.
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Alcoa will release its first quarter 2024 financial results on April 17, 2024, after the NYSE trading hours. The financial results will be available on Alcoa's website, with a live webcast and conference call to discuss the results.
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FAQ

What are Alcoa Corporation's main business segments?

Alcoa operates in three main segments: Bauxite, Alumina, and Aluminum, with the Aluminum segment generating the majority of its revenue.

What recent initiatives has Alcoa undertaken?

Recent initiatives include the curtailment of the Kwinana Alumina Refinery in Australia, the acquisition of Alumina Limited, and advancements in ELYSIS™ technology for zero-emission aluminum production.

What is ELYSIS™ technology?

ELYSIS™ is a groundbreaking technology developed by Alcoa and Rio Tinto that aims to eliminate all direct greenhouse gas emissions from the aluminum smelting process, instead emitting oxygen.

How does Alcoa contribute to sustainability?

Alcoa focuses on sustainability by innovating in low-carbon aluminum production, efficiently managing energy assets, and participating in partnerships like ELYSIS™ to reduce environmental impact.

Where does Alcoa generate most of its revenue?

Alcoa generates the majority of its revenue from the Aluminum segment, with significant contributions from its operations in the United States.

What is Alcoa's approach to community engagement?

Alcoa is committed to building stronger communities through responsible operations, continuous innovation, and sustainable practices that prioritize safety and environmental stewardship.

Why is Alcoa curtailing its Kwinana Alumina Refinery?

Alcoa decided to curtail the Kwinana Alumina Refinery due to factors including its age, scale, operating costs, and current market conditions.

What financial strategies does Alcoa employ?

Alcoa focuses on long-term profitability and shareholder value, adapting to market conditions, and making strategic investments in technology and sustainability.

Who are Alcoa's major partners?

Alcoa's major partners include Rio Tinto in the ELYSIS™ technology partnership and Nexans for supplying low-carbon aluminum rod.

How does Alcoa plan to enhance its operational efficiency?

Alcoa plans to enhance operational efficiency through productivity programs, technological advancements, and strategic initiatives like the acquisition of Alumina Limited.

Alcoa Corporation

NYSE:AA

AA Rankings

AA Stock Data

6.99B
179.56M
1.09%
86.09%
7.11%
Alumina Refining and Primary Aluminum Production
Manufacturing
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United States of America
PITTSBURGH