Alcoa Corp Stock Price, News & Analysis

Alcoa Corporation (NYSE: AA) has released its first quarter 2023 results, highlighting significant financial improvements. The company generated $2.7 billion in revenue, reflecting stability from the previous quarter. The net loss attributable to Alcoa decreased to $231 million, or $1.30 per share, due in part to higher aluminum and alumina prices and reduced energy costs. Alcoa ended the quarter with a solid cash balance of $1.1 billion and paid a quarterly cash dividend of $0.10 per share. Key developments included plans for the phased restart of the San Ciprián smelter in Spain and the permanent closure of the Intalco smelter in Washington State. Looking ahead, Alcoa projects stable shipment volumes for aluminum and alumina, amid challenges in mining approvals at its Huntly mine.

Alcoa Corporation (NYSE: AA) has announced the acquisition of group annuity contracts to transfer approximately $235 million in pension obligations linked to defined benefit pension plans for Canadian retirees. This transaction, set for completion later this month, marks Alcoa's sixth pension annuity deal since 2018, totaling about $3.6 billion in pension obligations transferred. The contracts, executed by Industrial Alliance Insurance and Financial Services, will not require any cash funding from Alcoa and will cover around 500 participants, ensuring their benefits remain unchanged. However, the company anticipates a non-cash settlement charge of approximately $18 million in Q2 2023 related to this move.